EUR/CAD – 1H – BUYCorrection of the major bearish trend broke the Fibonacci 0.79-Level.Continuation of the current ascending trend is expected. Current target is 1.49734 at the Fibonacci level 1-Level. Caution: A possible reversal of the trend in the direction of the resistance level at 1.49633 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Bearish SBS White Lines’ candle chart pattern is detected. The candles form ‘Bearish SBS White Lines’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish SBS White Lines’ going down is 56% (Bull Market) & 57% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49907 |
| 2nd High | 1.49734 |
| Next High | 1.49633 |
| Current Price | 1.49572 |
| Next Low | 1.48347 |
| 2nd Low | 1.48205 |
| 3rd Low | 1.47371 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish SBS White Lines