Published: 2024-04-18T10:00:23.000Z
Chart EUR/CAD Update: Consolidating - potential for a minor test lower
Senior Technical Strategist
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Little change, as prices extend cautious trade beneath congestion resistance at 1.4700
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
10:45 BST - Little change, as prices extend cautious trade beneath congestion resistance at 1.4700. Intraday studies are under pressure, suggesting potential for a minor drift lower in the coming sessions towards congestion support at 1.4650. However, mixed/positive daily and weekly readings are expected to limit any immediate break in renewed buying interest above further congestion around 1.4600. Meanwhile, congestion resistance at 1.4750 should cap any tests above 1.4700.