Published: 2025-06-06T10:36:24.000Z
Chart EUR/CAD Update: Range extension - background studies under pressure
Senior Technical Strategist
1
Still little change, as prices extend consolidation above congestion support at 1.5600
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5900 | congestion | S1 | 1.5600 | * | congestion | ||
| R3 | 1.5800 | congestion | S2 | 1.5500 | ** | congestion | ||
| R2 | 1.5760 | * | 21 May (w) high | S3 | 1.5400 | ** | congestion, 38.2% ret | |
| R1 | 1.5700 | break level | S4 | 1.5325 | ** | 27 Mar (w) low |
Asterisk denotes strength
11:25 BST - Still little change, as prices extend consolidation above congestion support at 1.5600. Intraday studies are under pressure, highlighting room for a break beneath here. But mixed daily readings are expected to limit initial scope in consolidation above congestion around 1.5500, before negative weekly charts extend losses still further. A later break beneath here will add weight to sentiment and open up 1.5400. Meanwhile, resistance remains at 1.5700. But a close above the 1.5760 weekly high of 21 May is needed to turn sentiment positive and initially target 1.5800.