EUR/CAD – 30M – BUYThe pair Euro/Canadian Dollar (EUR/CAD) moves from the descending trendline downwards
A continuation of the downtrend down to the next support line at 1.49538 is likely expected.
Caution: A possible counter-trend in the direction of the resistance line at 1.49998 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is likely expected. Current target is 1.496405 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the support line at 1.49998 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Matching Low’ candle chart pattern is discovered. The chart shows ‘Matching Low’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50179 |
| 2nd High | 1.50059 |
| Next High | 1.49998 |
| Current Price | 1.49808 |
| Next Low | 1.49538 |
| 2nd Low | 1.49242 |
| 3rd Low | 1.49102 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Matching Low