EUR/CAD – 30M – BUYThe pair Euro/Canadian Dollar (EUR/CAD) goes from the bullish trendline up.
A continuation of the upward movement upwards to the next resistance line at 1.49251 is certain.
Caution: A possible change in the direction of the support line at 1.48358 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend halted around the Fibonacci 0.5-Level.Continuation of the current ascending trend is certain. Target of the current trend is 1.48995732 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of the resistance line at 1.49251 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bullish Belt Hold’ candle pattern is discovered. The candles form ‘Bullish Belt Hold’. 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 Belt Hold’ heading up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49791 |
| 2nd High | 1.49400 |
| Next High | 1.49251 |
| Current Price | 1.48696 |
| Next Low | 1.48358 |
| 2nd Low | 1.48319 |
| 3rd Low | 1.47687 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Belt Hold