Published: 2024-04-30T10:20:12.000Z
Chart EUR/CAD Update: Higher in range
Senior Technical Strategist
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Cautious trade is giving way to a test higher
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 | 1.4580 | * | 23 Apr low | ||
R1 | 1.4700 | * | congestion | S4 | 1.4545 | ** | 2 Apr (w) low | |
Asterisk denotes strength of level
11:00 BST - Cautious trade is giving way to a test higher, with the break above 1.4650 opening up congestion resistance at 1.4700. Intraday studies are approaching overbought areas, suggesting any immediate tests could give way to fresh range trade. However, a tick higher in daily readings suggests room for a later break continuation towards 1.4750, where mixed/negative weekly charts are expected to prompt fresh consolidation. Meanwhile, support is down to congestion around 1.4600 and should underpin any immediate setbacks.