EUR/CAD – 1H – BUYThe pair Euro/Canadian Dollar (EUR/CAD) moves from the bearish trendline down.
A continuation of the downward movement down to the next support at 1.48347 will continue.
Caution: A possible change in the direction of the resistance zone at 1.49099 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Bullish Engulfing’ candle pattern is discovered. The candles show ‘Bullish Engulfing’. this is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49734 |
| 2nd High | 1.49437 |
| Next High | 1.49099 |
| Current Price | 1.48941 |
| Next Low | 1.48347 |
| 2nd Low | 1.48205 |
| 3rd Low | 1.47371 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing