Chart EUR/CAD Update: Balanced beneath fresh year high
The pullback from the 1.6468 current year high of 17 October has bounced from 1.6330
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6590 | ** | 61.8% ret of 1995-2012 fall | S1 | 1.6300 | * | historic congestion | |
| R3 | 1.6500 | * | historic congestion | S2 | 1.6200 | * | congestion | |
| R2 | 1.6468 | * | 17 Oct YTD high | S3 | 1.6175~ | ** | 10 Oct (w) low | |
| R1 | 1.6400 | congestion | S4 | 1.6100 | break level |
Asterisk denotes strength
13:05 BST - The pullback from the 1.6468 current year high of 17 October has bounced from 1.6330, as oversold intraday studies unwind, with prices currently trading around 1.6365. Positive daily readings are flattening and broader weekly charts are mixed/negative, suggesting difficulty sustaining further gains. A break above congestion resistance at 1.6400, if seen, should fade beneath 1.6468. In the coming sessions, consolidation is expected to give way to fresh losses. A later close below 1.6300 will add weight to sentiment and open up further congestion around 1.6200. A further close beneath here will confirm a near-term top in place at 1.6468, as focus then turns to 1.6100.