EUR/CAD – 4H – BUY

The combination Euro/Canadian Dollar (EUR/CAD) breaks through the descending trendline up.

A bullish ascent upwards to the next resistance at 1.61783 will continue.

Caution: A possible counter-trend in the direction of the support level at 1.60899 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.

Moreover a ‘Exponential Moving Average 100 (EMA 100)’ indicator signal is existing. The indicator shows ‘Exponential Moving Average 100 (EMA 100)’. which could be a positive chart signal. The pair is likely to go up.

Moreover a ‘Support Level’ indicator signal is detected. The indicator is ‘Support Level’. which is often a bullish chart scenario. The currency pair could go up.

Correction of the major bullish trend halted around the Fibonacci 0.7-Level.Continuation of the current ascending trend will continue. Target of the current trend is 1.62339 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the resistance line at 1.61783 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.

Moreover a ‘Northern Doji’ candlestick chart pattern is found. The candles form ‘Northern Doji’. which is a bullish 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 ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).

1.61783 – 1.62019 – 1.62013 – 1.60899 – 1.61016 – 1.61055 —
1.61601 – 1.61554 —
57.424039090999 – 55.374450887774 —
– —
1.61783 – 1770912000

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Northern Doji – Double bottom retreat down – – – – – – – –