Published: 2025-08-08T10:57:18.000Z
Chart EUR/CAD Update: Drifting lower
Senior Technical Strategist
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Choppy trade around 1.6000 has given way to a break lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6150~ | ** | March 2018 (y) high | S1 | 1.5900 | congestion | ||
| R3 | 1.6100/18 | ** | cong; 28 Jul YTD high | S2 | 1.5800 | congestion | ||
| R2 | 1.6050~ | 7 Aug high | S3 | 1.5765~ | 30 Jul low | |||
| R1 | 1.6000 | ** | congestion | S4 | 1.5725 | * | 50% ret of Mar-Jul rally |
Asterisk denotes strength
11:40 BST - Choppy trade around 1.6000 has given way to a break lower, as intraday studies continue to fall, with prices currently trading around 1.5970. Deeper losses are looked for towards congestion support at 1.5900. But rising daily readings should limit any initial tests in consolidation, before deteriorating weekly charts extend losses towards further congestion around 1.5800. Meanwhile, resistance is lowered to congestion around 1.6000. Any tests above here are expected to meet fresh selling interest beneath critical resistance at congestion around 1.6100 and the 1.6118 current year high of 28 July.