Published: 2024-11-29T11:31:18.000Z
Chart EUR/CAD Update: Choppy trade - any losses to remain limited
Senior Technical Strategist
1
Little change, as prices extend cautious trade beneath congestion resistance at 1.4800
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4900 | ** | break level | S1 | 1.4700 | ** | congestion | |
| R3 | 1.4889 | ** | 18 Nov (w) high | S2 | 1.4600 | ** | congestion | |
| R2 | 1.4859 | 27 Nov high | S3 | 1.4565 | ** | 61.8% ret of 2023-2024 rally | ||
| R1 | 1.4800 | * | congestion | S4 | 1.4500 | * | congestion |
Asterisk denotes strength
11:15 GMT - Little change, as prices extend cautious trade beneath congestion resistance at 1.4800. Intraday studies are mixed/negative, suggesting potential for a minor pullback towards congestion support at 1.4700. But rising daily readings and a tick higher in oversold weekly stochastics are expected to prompt fresh buying interest towards here. Following cautious trade, a fresh break above 1.4800 is looked for. However, the bearish weekly Tension Indicator and deteriorating longer-term readings are expected to prompt renewed selling interest towards the 1.4889 weekly high of 18 November.