Chart EUR/CAD Update: Leaning lower
Little change, as prices drift lower in cautious trade towards congestion support at 1.6200
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6500 | * | historic congestion | S1 | 1.6200 | * | congestion | |
| R3 | 1.6468 | * | 17 Oct YTD high | S2 | 1.6170~ | ** | 19 Sep-10 Oct (w) lows | |
| R2 | 1.6400 | * | break level | S3 | 1.6115 | * | 50% ret of Jul-Oct rally | |
| R1 | 1.6300 | * | congestion | S4 | 1.6100 | break level |
Asterisk denotes strength
11:15 BST - Little change, as prices drift lower in cautious trade towards congestion support at 1.6200. Daily readings are negative and broader weekly charts are also falling, highlighting potential for a break of 1.6200 towards stronger support at the 1.6170~ weekly lows from mid-September to mid-October. A further close beneath here would add weight to sentiment and confirm a near-term top in place at the 1.6468 current year high of 17 October, as deeper losses then focus on 1.6100/15. Meanwhile, a close above congestion resistance at 1.6300, if seen, would help to stabilise price action and prompt consolidation beneath further congestion around 1.6400.