EURCAD London briefing — 2026-05-07

BIAS BEARISH. D1 structure dominates hierarchy despite H1 bullish EMA; RSI overbought at 74.6 signals exhaustion. KEY LEVELS R: 1.605, 1.61, 1.62471 | S: 1.6, 1.595, 1.59052 NEWS 🔴 Retail Sales YoY (EUR) – Thu 09:00 UTC 🟡 Retail Sales MoM (EUR) – Thu 09:00 UTC 🟡 ECB Elderson Speech – Thu 12:00 UTC SESSION OUTLOOK EUR data and Elderson remarks could trigger volatility near 1.605. Watch rejection patterns; overbought conditions favor pullback toward 1.6 support. PRO UNLOCKS Entry 1.6045 | SL 1.6095 | TP1 1.6 | TP

Key Levels

R: 1.60500 · 1.61000 · 1.62471

S: 1.60000 · 1.59500 · 1.59052