Published: 2024-04-19T10:13:20.000Z
Chart EUR/CAD Update: Consolidating - daily studies under pressure
Senior Technical Strategist
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Still little change, as prices extend cautious trade above congestion support at 1.4650
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.4820 | ** | 61.8% ret of Nov-Feb fall | S1 | 1.4650 | * | congestion | |
R3 | 1.4780 | ** | 6 Mar YTD high | S2 | 1.4600 | * | congestion | |
R2 | 1.4750 | congestion | S3 | 1.4545 | ** | 2 Apr (w) low | ||
R1 | 1.4700 | * | congestion | S4 | 1.4500 | ** | congestion, 61.8% ret | |
Asterisk denotes strength of level
10:50 BST - Still little change, as prices extend cautious trade above congestion support at 1.4650. Oversold intraday studies are unwinding, suggesting room for a minor test higher. However, deteriorating daily readings are expected to limit scope in fresh selling interest/consolidation beneath further congestion around 1.4700. In the coming sessions, risk is for a test below 1.4650 towards further congestion around 1.4600. However, mixed weekly charts are expected to limit any immediate continuation beneath here to consolidation above strong support at the 1.4545 weekly low of 2 April.