Published: 2024-05-03T10:25:50.000Z
Chart EUR/CAD Update: Consolidating
Senior Technical Strategist
-
The anticipated minor test lower has bounced from above congestion support at 1.4650
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 (m) low | |
Asterisk denotes strength of level
11:10 BST - The anticipated minor test lower has bounced from above congestion support at 1.4650, as oversold intraday studies unwind, with prices currently balanced around 1.4680. The rising daily Tension Indicator is flattening and overbought daily stochastics are turning down, suggesting any immediate tests of congestion resistance at 1.4700 should prove difficult to sustain. In the coming sessions, cautious trade is highlighted, with support at 1.4650. A break beneath here will open up 1.4600, where mixed weekly charts are expected to promote fresh range trade.