Published: 2024-04-16T10:30:34.000Z
Chart EUR/CAD Update: Cautious trade - limited tests higher
Senior Technical Strategist
1
The anticipated fresh test lower has 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 | * | 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
10:55 BST - The anticipated fresh test lower has bounced from above congestion support at 1.4600, as intraday studies turn higher, with prices once again balanced in cautious trade above congestion support at 1.4650. A move towards congestion resistance at 1.4700 is possible, but negative daily readings and mixed/negative weekly charts are expected to limit any initial tests in fresh consolidation. Meanwhile, any immediate tests below 1.4600 should meet renewed buying interest above strong support at the 1.4545 weekly low of 2 April.