EUR/CAD – 4H – BUYThe pair Euro/Canadian Dollar (EUR/CAD) jumps from the ascending trendline down.
A descent down to the next support at 1.47911 is expected.
Caution: A possible counter-trend in the direction of the resistance line at 1.49400 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend broke the Fibonacci 0.24-Level.Continuation of the current ascending trend is expected. Target of the current trend is 1.490925 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the resistance line at 1.49400 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Three Outside Up’ candlestick chart pattern is discovered. The chart forms ‘Three Outside Up’. this is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50590 |
| 2nd High | 1.50501 |
| Next High | 1.49400 |
| Current Price | 1.48421 |
| Next Low | 1.47911 |
| 2nd Low | 1.47595 |
| 3rd Low | 1.47224 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Up