Published: 2026-05-06T11:07:10.000Z
Chart EUR/CAD Update: Sharp reversal higher
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Cautious trade has given way to a sharp push higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6200 | ** | break level | S1 | 1.6000 | * | break level | |
| R3 | 1.6150 | * | break level | S2 | 1.5950 | * | break level | |
| R2 | 1.6100 | ** | break level | S3 | 1.5900 | congestion | ||
| R1 | 1.6040 | 24 Apr high | S4 | 1.5855 | ** | 61.8% ret of Mar-Apr rally |
Asterisk denotes strength
11:40 BST - Cautious trade has given way to a sharp push higher, with the break above 1.6000 improving sentiment and putting focus on the 1.6040 high of 24 April. Intraday studies are flattening in overbought areas, suggesting any immediate tests could give way to consolidation. But unwinding oversold daily stochastics and the flattening bearish daily Tension Indicator highlight room for a later break and continuation towards 1.6100, where negative weekly charts should prompt renewed selling interest. Meanwhile, a close back below 1.6000 would stabilise price action and give way to consolidation above 1.5950.