Chart EUR/CAD Update: Leaning lower in range
The anticipated minor test above congestion resistance at 1.6200 has not been seen
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6300 | * | congestion | S1 | 1.6100 | * | congestion | |
| R3 | 1.6250 | break level | S2 | 1.6061/65 | * | 8-31 Dec (m) lows | ||
| R2 | 1.6200 | * | congestion | S3 | 1.6035 | ** | 61.8% ret of Jul-Oct rally | |
| R1 | 1.6150 | * | congestion | S4 | 1.6000 | ** | congestion |
Asterisk denotes strength
14:30 GMT - The anticipated minor test above congestion resistance at 1.6200 has not been seen, as intraday studies turn down once again and prompt renewed selling interest. The break below 1.6150 has added weight to sentiment and put focus on congestion support at 1.6100. Daily readings are under pressure once again and broader weekly charts are negative, highlighting room for further losses in the coming sessions. However, a close below the 1.6061/65 monthly lows from 8-31 December is needed to turn sentiment negative and extend October losses initially to the 1.6035 Fibonacci retracement. Meanwhile, a close back above 1.6150, if seen, will help to stabilise price action and prompt consolidation beneath 1.6200.