Published: 2024-04-29T10:27:00.000Z
Chart EUR/CAD Update: Leaning lower in consolidation
Senior Technical Strategist
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The anticipated minor test higher has not been seen
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.4780 | ** | 6 Mar YTD high | S1 | 1.4600 | * | congestion | |
R3 | 1.4750 | congestion | S2 | 1.4580 | * | 23 Apr low | ||
R2 | 1.4700 | * | congestion | S3 | 1.4545 | ** | 2 Apr (w) low | |
R1 | 1.4650 | * | congestion | S4 | 1.4500 | ** | 61.8% ret of Sep-Nov rally, congestion | |
Asterisk denotes strength of level
11:10 BST - The anticipated minor test higher has not been seen, with prices leaning lower into fresh consolidation above congestion support at 1.4600. Daily readings are mixed, suggesting cautious trade into the coming sessions, before negative weekly charts prompt further losses. A close below 1.4600 will add weight to sentiment and open up support at the 1.4545 weekly low of 2 April. A further close beneath here would extend March losses towards strong support at 1.4500. Meanwhile, resistance is lowered to congestion around 1.4650. A break above here, if seen, should meet renewed selling interest towards further congestion around 1.4700.