Chart EUR/CAD Update: Room for higher in both EUR- and CAD-driven trade
The anticipated test of support at the 1.5100 break level has bounced in both EUR- and CAD-driven trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5375 | ** | 76.4% ret of 2018-2022 fall | S1 | 1.5150 | * | congestion | |
| R3 | 1.5300 | figure | S2 | 1.5100 | * | break level | ||
| R2 | 1.5227 | ** | 5 Aug YTD high | S3 | 1.5050 | break level | ||
| R1 | 1.5176 | ** | 21 Aug (w) high | S4 | 1.5000 | * | congestion |
Asterisk denotes strength
10:50 GMT - The anticipated test of support at the 1.5100 break level has bounced in both EUR- and CAD-driven trade, with prices currently trading just below resistance at the 1.5176 weekly high of 21 August. Intraday studies are mixed and overbought daily stochastics are flattening, suggesting potential for further range trade, before the rising daily Tension Indicator and improving weekly charts extend October gains towards critical resistance at the 1.5227 current year high of 5 August. Meanwhile, a close below 1.5100, if seen, will add weight to sentiment and dealy any immediate tests higher, as focus then turns to the 1.5050 break level.