Chart EUR/CAD Update: Pressuring 2024 highs
Anticipated minor tests lower have not been seen
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.5000 | ** | figure | S1 | 1.4750 | congestion | ||
R3 | 1.4900 | * | break level, 76.4% ret of Nov-Feb fall | S2 | 1.4700 | * | congestion | |
R2 | 1.4820 | ** | 61.8% ret of Nov-Feb fall | S3 | 1.4650 | * | congestion | |
R1 | 1.4780 | ** | 6 Mar (m) high | S4 | 1.4600 | * | congestion | |
Asterisk denotes strength of level
11:10 BST - Anticipated minor tests lower have not been seen, as prices extend gains to pressure critical resistance at the 1.4780 monthly high of 6 March. The rising daily Tension Indicator highlights potential for a break above here and extension of February gains to fresh 2024 highs. But overbought daily stochastics could limit initial scope to the 1.4820 Fibonacci retracement, before mixed/positive weekly charts prompt a further break. A close above 1.4820 will further improve sentiment and open up 1.4900. Meanwhile, support is raised to congestion around 1.4750. A close beneath here, if seen, will turn sentiment neutral and prompt fresh consolidation above further congestion around 1.4700.