Published: 2024-04-25T10:19:44.000Z
Chart EUR/CAD Update: Gains to remain limited
Senior Technical Strategist
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Cautious trade has given way to a EUR-driven break higher
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 - Cautious trade has given way to a EUR-driven break higher, with the break above 1.4650 reaching 1.4670. Intraday studies have ticked higher and daily readings are also turning up, suggesting room for further strength 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, support is down to congestion around 1.4600 and extends to 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.