Chart EUR/CAD Update: Balanced around 1.4600 - studies under pressure
Cautious trade around congestion support at 1.4600 has given way to a minor EUR-driven bounce
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 - Cautious trade around congestion support at 1.4600 has given way to a minor EUR-driven bounce, with prices meeting fresh selling interest just beneath congestion resistance at 1.4650. Focus is turning back to 1.4600, where rising intraday studies could prompt fresh consolidation. 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 deeper losses in the coming sessions. A close below 1.4600 will add weight to already bearish 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 1.4650, if seen, will turn price action neutral and prompt fresh range trade beneath 1.4700.