Published: 2025-08-05T10:37:12.000Z
Chart EUR/CAD Update: Leaning lower
Senior Technical Strategist
6
Cautious trade failed to give way to the test of congestion resistance at 1.6000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6200 | * | historic congestion | S1 | 1.5900 | congestion | ||
| R3 | 1.6150~ | ** | March 2018 (y) high | S2 | 1.5800 | congestion | ||
| R2 | 1.6100/18 | ** | cong; 28 Jul YTD high | S3 | 1.5765~ | 30 Jul low | ||
| R1 | 1.6000 | ** | congestion | S4 | 1.5725 | * | 50% ret of Mar-Jul rally |
Asterisk denotes strength
11:25 BST - Cautious trade failed to give way to the test of congestion resistance at 1.6000, as intraday studies turn down, with prices currently consolidating the test of congestion support at 1.5900. A break beneath here cannot be ruled out. But rising daily readings are expected to limit initial scope in consolidation above congestion support at 1.5800, before deteriorating weekly charts extend losses still further. Meanwhile, resistance remains at 1.6000 and should cap any immediate tests higher.