Chart EUR/CAD Update: Limited tests higher
Cautious trade, following the minor test below congestion support at 1.5600, is giving way to a move higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6000 | ** | historic congestion | S1 | 1.5600 | * | congestion | |
| R3 | 1.5855 | ** | 11 Mar YTD high | S2 | 1.5500 | ** | congestion | |
| R2 | 1.5825 | ** | August 2020 (m) high | S3 | 1.5400 | * | congestion | |
| R1 | 1.5785 | ** | December 2020 (m) high | S4 | 1.5300 | * | congestion |
Asterisk denotes strength
10:55 GMT - Cautious trade, following the minor test below congestion support at 1.5600, is giving way to a move higher, as intraday studies turn up, with prices currently trading around 1.5710. Continuation towards strong resistance within 1.5785 - 1.5825 cannot be ruled out, but negative daily readings are expected to limit any initial tests in renewed selling interest. Broader weekly charts are positive, but a close above here is needed to turn sentiment positive once again and extend gains towards strong resistance at 1.6000. Following cautious trade, a test back below 1.5600 is possible. But fresh buying interest is expected to appear towards further congestion around 1.5500.