Chart EUR/CAD Update: Consolidating - studies under pressure
Still little change, as mixed/negative intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6200 | historic congestion | S1 | 1.5929 | * | 3 Jul (w) low | ||
| R3 | 1.6150~ | ** | March 2018 (y) high | S2 | 1.5900 | congestion | ||
| R2 | 1.6100/09 | * | cong; 1 Jul YTD high | S3 | 1.5800 | congestion | ||
| R1 | 1.6000 | ** | congestion | S4 | 1.5700 | break level |
Asterisk denotes strength
11:40 BST - Still little change, as mixed/negative intraday studies keep near-term sentiment cautious and prompt consolidation beneath congestion resistance at 1.6000. The daily Tension Indicator and daily stochastics continue to track lower, highlighting room for later losses towards the 1.5929 weekly low of 3 July. However, broader weekly stochastics are unwinding overbought areas and the weekly Tension Indicator is also turning down, pointing to room for a later break. A close beneath here will add weight to sentiment and extend July losses below congestion around 1.5900 towards 1.5800. Meanwhile, a close back above 1.6000, if seen, would help to stabilise sentiment and give way to fresh consolidation beneath critical resistance at 1.6100/09.