EUR/CAD – 30M – BUYThe pair Euro/Canadian Dollar (EUR/CAD) breaks through the descending trendline upwards
A bullish movement up to the next resistance line at 1.48597 is likely expected.
Caution: A possible reversal of the trend in the direction of support at 1.47911 could be enabled.
Consider stop-loss settings accordingly.
In addition a ‘Hammer’ candlestick pattern is existing. The candles form ‘Hammer’. this is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Hammer’ going up is 60% (Bull Market) & 59% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49400 |
| 2nd High | 1.49251 |
| Next High | 1.48597 |
| Current Price | 1.48270 |
| Next Low | 1.47911 |
| 2nd Low | 1.47687 |
| 3rd Low | 1.47595 |