Published: 2024-10-31T12:42:49.000Z
Chart EUR/CAD Update: Within reach of 1.5145/50
Senior Technical Strategist
1
Cautious trade around 1.5100 has given way to a fresh break higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5375 | ** | 76.4% ret of 2018-2022 fall | S1 | 1.5100 | * | break level | |
| R3 | 1.5227 | ** | 5 Aug YTD high | S2 | 1.5050 | break level | ||
| R2 | 1.5176 | ** | 21 Aug (w) high | S3 | 1.5000 | * | congestion | |
| R1 | 1.5145/50 | ** | 76.4% ret; congestion tops | S4 | 1.4950 | congestion |
Asterisk denotes strength
12:25 GMT - Cautious trade around 1.5100 has given way to a fresh break higher, with October gains currently pressuring strong resistance at the 1.5145 Fibonacci retracement and 1.5150 congestion tops. Rising daily stochastics are overbought, suggesting immediate tests could give way to consolidation. However, the daily Tension Indicator is positive and broader weekly charts are rising, pointing to room for a later break and extension towards critical resistance at the 1.5227 current year high of 5 August. Meanwhile, a break back below support at the 1.5100 break level will turn sentiment neutral and give way to consolidation around 1.5050.