Chart EUR/CAD Update: Consolidating - studies under pressure
Little change, as mixed intraday studies keep near-term sentiment cautious
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.4780 | ** | 6 Mar YTD high | S1 | 1.4600 | * | congestion | |
R3 | 1.4750 | congestion | S2 | 1.4545 | ** | 2 Apr (w) low | ||
R2 | 1.4700 | * | congestion | S3 | 1.4500 | ** | congestion, 61.8% ret | |
R1 | 1.4650 | * | congestion | S4 | 1.4459 | ** | 9 Feb YTD low | |
Asterisk denotes strength of level
11:00 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and prompt consolidation above congestion support at 1.4600. Daily stochastics and the daily Tension Indicator continue to track lower, however, and broader weekly charts are coming under pressure, highlighting a deterioration in sentiment and room for fresh losses in the coming sessions. A close below 1.4600 will add weight to price action and open up strong support at the 1.4545 weekly low of 2 April. Continuation beneath here will extend March losses towards 1.4500. Meanwhile, a close above congestion resistance at 1.4650, if seen, will turn price action neutral and prompt fresh range trade beneath 1.4700.