EUR/CAD – 30M – BUYThe pair Euro/Canadian Dollar (EUR/CAD) goes from the ascending trendline down.
A descent downwards to the next support at 1.49102 is expected.
Caution: A possible counter-trend in the direction of the resistance level at 1.50179 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bullish Tri-Star’ chart pattern is found. The candles form ‘Bullish Tri-Star’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Tri-Star’ heading up is 60% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50590 |
| 2nd High | 1.50308 |
| Next High | 1.50179 |
| Current Price | 1.49368 |
| Next Low | 1.49102 |
| 2nd Low | 1.48752 |
| 3rd Low | 1.48347 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Tri-Star