Published: 2025-05-30T10:51:41.000Z
Chart EUR/CAD Update: Consolidating - studies under pressure
Senior Technical Strategist
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The test of resistance at 1.5700 has met expected selling interest
| 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
11:35 BST - The test of resistance at 1.5700 has met expected selling interest, as overbought intraday studies unwind, with prices currently trading around 1.5650. Daily stochastics are also turning down, highlighting room for a retest of congestion support at 1.5600, But the flat daily Tension Indicator is expected to limit any initial tests in consolidation, before bearish weekly charts prompt further losses towards congestion around 1.5500. Meanwhile, resistance remains at 1.5700. But a close above the 1.5760 weekly high of 21 May is needed to improve sentiment and initially target 1.5800.