Published: 2025-03-07T11:41:12.000Z
Chart EUR/CAD Update: Room for higher
Senior Technical Strategist
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Choppy trade has given way to a bounce from 1.5400
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5785 | ** | December 2020 (m) high | S1 | 1.5500 | ** | congestion | |
| R3 | 1.5680 | ** | January 2021 (y) high | S2 | 1.5400 | * | congestion | |
| R2 | 1.5600 | ** | congestion | S3 | 1.5300 | * | congestion | |
| R1 | 1.5565~ | current 2025 YTD high | S4 | 1.5200 | * | congestion |
Asterisk denotes strength
11:00 GMT - Choppy trade has given way to a bounce from 1.5400, as oversold intraday studies unwind, with prices currently balanced around 1.5530. Daily stochastics are flat in overbought areas, suggesting potential for further consolidation. However, the daily Tension Indicator is positive and broader weekly charts are rising, highlighting room for extension of multi-year gains towards congestion around 1.5600. Meanwhile, a close below 1.5400 would turn sentiment neutral and prompt consolidation above further congestion around 1.5300.