Chart EUR/CAD Update: Limited tests higher
Still little change, as prices extend choppy trade around congestion support at 1.6100
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6325/30 | ** | June-July 2009 highs | S1 | 1.6100 | ** | congestion | |
| R3 | 1.6235 | ** | 76.4% ret of 2008-2012 fall | S2 | 1.6000 | ** | congestion | |
| R2 | 1.6200 | * | historic congestion | S3 | 1.5900 | congestion | ||
| R1 | 1.6134/50~ | ** | 13 Aug YTD high; Mar 18 (y) high | S4 | 1.5800 | congestion |
Asterisk denotes strength
11:25 BST - Still little change, as prices extend choppy trade around congestion support at 1.6100. Intraday studies are edging higher and daily readings are rising, highlighting room for a test of critical resistance at the 1.6150~ multi-year high of March 2018. But negative weekly charts are expected to limit any initial tests in consolidation. A close above here would turn sentiment positive and extend 2022 gains initially to historic congestion around 1.6200. Meanwhile, support remains at congestion around 1.6100. Any immediate break beneath here should give way to fresh consolidation above further congestion support at 1.6000.