Published: 2025-01-24T12:42:30.000Z
Chart EUR/CAD Update: Room for higher in the coming sessions
Senior Technical Strategist
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Choppy trade has given way to a sharp EUR-driven run higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5227 | ** | 5 Aug 2024 (y) high | S1 | 1.5000 | ** | congestion | |
| R3 | 1.5169 | ** | 4 Nov (m) high | S2 | 1.4900 | ** | break level | |
| R2 | 1.5100 | * | congestion | S3 | 1.4800 | * | congestion | |
| R1 | 1.5060 | ** | 18 Dec (m) high | S4 | 1.4700 | * | congestion |
Asterisk denotes strength
12:20 GMT - Choppy trade has given way to a sharp EUR-driven run higher, with the break above 1.5000 currently balanced beneath the 1.5060 monthly high of 18 December. Daily stochastics are flat in overbought areas, suggesting potential for consolidation beneath here. But the daily Tension Indicator is positive and broader weekly charts are improving, suggesting room for a later break. A close above 1.5060 will improve sentiment and extend November gains initially towards 1.5100. Meanwhile, a close back below 1.5000 would turn sentiment neutral and give way to consolidation above 1.4900.