Published: 2024-04-17T10:16:01.000Z
Chart EUR/CAD Update: Consolidating - limited tests higher
Senior Technical Strategist
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The test above congestion resistance at 1.4700 has been pushed back from 1.4730~
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
10:55 BST - The test above congestion resistance at 1.4700 has been pushed back from 1.4730~, as overbought intraday studies flatten, with prices once again balanced beneath 1.4700. Daily stochastics have ticked higher, suggesting room for a fresh test above here, but the flat daily Tension Indicator and mixed/negative weekly charts are expected to limit initial scope in consolidation beneath congestion resistance at 1.4750. Meanwhile, support remains at congestion around 1.4650. Any immediate tests beneath here should give way to range trade around 1.4600.