EUR/CAD – 1H – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) jumps from the ascending trendline down.
A descending movement down to the next support at 1.48730 is expected.
Caution: A possible change in the direction of the resistance level at 1.49734 should always be considered.
Consider stop-loss settings accordingly.
In addition a ‘Bullish Harami’ candlestick pattern is detected. The chart forms ‘Bullish Harami’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Harami’ heading up is 53% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49996 |
| 2nd High | 1.49907 |
| Next High | 1.49734 |
| Current Price | 1.49213 |
| Next Low | 1.48730 |
| 2nd Low | 1.47371 |
| 3rd Low | 1.47226 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Harami