Chart EUR/CAD Update: Potential for a test higher
The test above congestion resistance at 1.4700 has been pushed back from 1.4725~
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
11:40 BST - The test above congestion resistance at 1.4700 has been pushed back from 1.4725~, as intraday studies remain mixed, with prices currently balanced in consolidation beneath 1.4700. Daily readings have ticked higher, highlighting potential for a fresh break above here towards congestion around 1.4750. Just higher is critical resistance at the 1.4780 current year high of 6 March, but mixed weekly charts are expected to limit any initial tests of this broad area in fresh consolidation. A close above 1.4780, if seen, will extend February gains towards the 1.4820 Fibonacci retracement. Meanwhile, support remains at congestion around 1.4650. A close beneath here would turn sentiment neutral once again and promote consolidation above 1.4600.