Published: 2024-11-05T10:50:56.000Z
Chart EUR/CAD Update: Lower in range
Senior Technical Strategist
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Cautious trade has given way to a sharp break lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5300 | figure | S1 | 1.5100 | * | break level | ||
| R3 | 1.5227 | ** | 5 Aug YTD high | S2 | 1.5050 | break level | ||
| R2 | 1.5176 | ** | 21 Aug (w) high | S3 | 1.5000 | * | congestion | |
| R1 | 1.5150 | * | congestion | S4 | 1.4900 | ** | 50% ret; break level |
Asterisk denotes strength
10:30 GMT - Cautious trade has given way to a sharp break lower, with mixed intraday studies prompting consolidation around 1.5125. Overbought daily stochastics are unwinding, suggesting room for a test below support at the 1.5100 break level. But the rising daily Tension Indicator and improving weekly charts are expected to prompt fresh buying interest towards 1.5050. Meanwhile, resistance is at congestion around 1.5150 and extends to the 1.5176 weekly high of 21 August. A close above here would improve sentiment and extend October gains towards critical resistance at the 1.5227 current year high of 5 August.