Published: 2024-04-15T10:22:42.000Z
Chart EUR/CAD Update: Consolidating losses, but studies continue to point lower
Senior Technical Strategist
1
Anticipated losses have bounced from above congestion support at 1.4600
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 | 1.4600/18 | * | congestion; 12 Apr (w) low | |
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
11:05 BST - Anticipated losses have bounced from above congestion support at 1.4600, as oversold intraday studies unwind, with prices currently balanced in fresh consolidation around 1.4650. Daily readings continue to track lower and broader weekly charts are mixed/negative, suggesting room for further losses in the coming sessions. A later close below 1.4600 will add weight to sentiment and open up the 1.4545 weekly low of 2 April. . However, by-then oversold daily stochastics should limit any initial tests in consolidation. Meanwhile, resistance is at congestion around 1.4700 and should cap any immediate tests higher.