Published: 2025-03-13T11:23:49.000Z
Chart EUR/CAD Update: Consolidating - studies under pressure
Senior Technical Strategist
-
Little change, as prices extend consolidation above congestion support at 1.5600
| 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 - Little change, as prices extend consolidation above congestion support at 1.5600. Intraday studies are under pressure and overbought daily stochastics are unwinding, highlighting room for profit-taking and a corrective pullback. A break below 1.5600 will add weight to sentiment and open up further congestion around 1.5500. But rising weekly charts could limit any initial tests in renewed consolidation. Meanwhile, a close above resistance at 1.5785 - 1.5825 is needed to turn sentiment positive once again and extend gains towards strong resistance at 1.6000.