Published: 2024-04-26T10:20:44.000Z
Chart EUR/CAD Update: Consolidating - limited tests higher
Senior Technical Strategist
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Little change, as mixed/negative intraday studies keep near-term sentiment cautious
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 | 1.4580 | * | 23 Apr low | |
R2 | 1.4750 | congestion | S3 | 1.4600 | * | congestion | ||
R1 | 1.4700 | * | congestion | S4 | 1.4545 | ** | 2 Apr (w) low | |
Asterisk denotes strength of level
11:00 BST - Little change, as mixed/negative intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 1.4650. Daily readings are tracking higher, highlighting potential for a test higher towards congestion resistance at 1.4700. However, broader weekly charts continue to track lower, suggesting any immediate tests should be limited in consolidation/profit-taking. Meanwhile, a break below 1.4650 will open up further support at congestion around 1.4600 and the 1.4580 low of 23 April. An unexpected close beneath here would add weight to sentiment and open up strong support at the 1.4545 weekly low of 2 April.