Chart EUR/CAD Update: Under pressure
Cautious trade around 1.5700 has given way to a sharp fall to 1.5620
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5910 | * | 38.2% ret of Jan-Mar fall | S1 | 1.5600/15 | * | congestion; 9 Mar YTD low | |
| R3 | 1.5850 | minor congestion | S2 | 1.5535 | * | 29 May 25 (w) low | ||
| R2 | 1.5800 | * | congestion | S3 | 1.5475 | ** | 50% ret of 2024-2025 rally | |
| R1 | 1.5700 | * | congestion | S4 | 1.5450 | congestion |
Asterisk denotes strength
11:30 GMT - Cautious trade around 1.5700 has given way to a sharp fall to 1.5620, before bouncing to 1.5675. Daily readings continue to track lower and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. Support is at congestion around 1.5600 and the 1.5615 current year low of 9 March. A break beneath here will confirm continuation of October losses, and open up a test of the 1.5535 weekly low of 29 May. Meanwhile, resistance is lowered to congestion around 1.5700. A close back above here, if seen, would help to stabilise price action and prompt consolidation beneath further congestion around 1.5800.