EUR/CAD – 1H – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) moves from the descending trendline down.
A continuation of the bearish trend down to the next support at 1.48752 is certain.
Caution: A possible change in the direction of the resistance zone at 1.50179 is within the realm of possibility.
Consider stop-loss settings accordingly.
And also a ‘Matching Low’ candle pattern is discovered. The chart forms ‘Matching Low’. 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 chance of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.51400 |
| 2nd High | 1.50590 |
| Next High | 1.50179 |
| Current Price | 1.49849 |
| Next Low | 1.48752 |
| 2nd Low | 1.48347 |
| 3rd Low | 1.48205 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Matching Low