EUR/CAD – 30M – BUYThe pair Euro/Canadian Dollar (EUR/CAD) jumps from the ascending trendline down.
A bearish movement downwards to the next support level at 1.49301 is expected.
Caution: A possible counter-trend in the direction of resistance at 1.50590 should always be considered.
Consider stop-loss settings accordingly.
Also there is a ‘Bullish Engulfing’ candlestick pattern is detected. The candles show ‘Bullish Engulfing’. which is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.51696 |
| 2nd High | 1.51400 |
| Next High | 1.50590 |
| Current Price | 1.49595 |
| Next Low | 1.49301 |
| 2nd Low | 1.49205 |
| 3rd Low | 1.48758 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing