Chart EUR/CAD Update: Pressuring strong support at 1.6061/65
Little change, as prices extend cautious/choppy trade above the 1.6061/65 monthly lows from 8-31 December
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6250 | congestion | S1 | 1.6061/65 | * | 8-31 Dec (m) lows | ||
| R3 | 1.6200 | * | congestion | S2 | 1.6035 | ** | 61.8% ret of Jul-Oct rally | |
| R2 | 1.6150 | * | congestion | S3 | 1.6000 | * | congestion | |
| R1 | 1.6100 | * | congestion | S4 | 1.5930 | ** | 76.4% ret of Jul-Oct rally |
Asterisk denotes strength
11:30 GMT - Little change, as prices extend cautious/choppy trade above the 1.6061/65 monthly lows from 8-31 December. Daily readings are flat, suggesting potential for further cautious trade, before negative weekly charts prompt a break. A close beneath here will add weight to sentiment and extend mid-October losses initially towards the 1.6035 Fibonacci retracement. Further selling will open up the 1.5930 retracement, via congestion around 1.6000. Meanwhile, resistance remains at congestion around 1.6100. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath further congestion around 1.6150.