Chart EUR/CAD Update: Cautious trade - studies leaning lower
Little change, as prices extend cautious trade above support at 1.5700
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6155~ | ** | Mar 2018 (y) high | S1 | 1.5700 | break level | ||
| R3 | 1.5990/00 | ** | Mar 2020 (y) high; cong | S2 | 1.5600 | * | congestion | |
| R2 | 1.5932 | * | 11 Apr YTD high | S3 | 1.5500 | ** | congestion | |
| R1 | 1.5855 | * | 11 Mar (m) high | S4 | 1.5400 | * | congestion |
Asterisk denotes strength
11:20 BST - Little change, as prices extend cautious trade above support at 1.5700. Intraday studies have turned down and overbought daily stochastics are flattening, suggesting potential for a test beneath here. But the positive daily Tension Indicator and rising weekly charts are expected to limit scope in renewed buying interest above congestion support at 1.5600. Meanwhile, resistance remains at the 1.5855 monthly high of 11 March. A close above here, not yet seen, would improve sentiment. But a further close above the 1.5932 current year high of 11 April is needed to confirm fresh gains and extend August 2022 gains towards strong resistance at 1.5990/00.