Published: 2025-06-20T10:58:21.000Z
Chart EUR/CAD Update: Edging higher
Senior Technical Strategist
3
Anticipated gains are approaching congestion resistance at 1.5800
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5960 | ** | 21 Apr YTD high | S1 | 1.5700 | break level | ||
| R3 | 1.5900 | congestion | S2 | 1.5600 | * | congestion | ||
| R2 | 1.5843 | * | 12 Jun (w) high | S3 | 1.5500 | ** | congestion | |
| R1 | 1.5800 | congestion | S4 | 1.5400 | ** | congestion, 38.2% ret |
Asterisk denotes strength
11:50 BST - Anticipated gains are approaching congestion resistance at 1.5800, where flat overbought intraday studies are expected to prompt short-term consolidation. Daily readings have ticked higher and negative weekly stochastics are flattening, suggesting room for a test above here. But a further close above the 1.5843 weekly high of 12 June is needed to turn sentiment positive and confirm continuation of mid-May gains, initially towards congestion around 1.5900. Meanwhile, support remains at 1.5700. A close beneath here, if seen, will open up congestion around 1.5600, where fresh consolidation is expected to appear.