EUR/CAD – 1H – BUYThe combination Euro/Canadian Dollar (EUR/CAD) breaks through the bearish trendline up.
An ascent upwards to the next resistance at 1.58798 is considered certain.
Caution: A possible counter-trend in the direction of the support level at 1.58123 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bullish Engulfing’ candlestick chart pattern is found. The candles form ‘Bullish Engulfing’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.60421 |
| 2nd High | 1.59276 |
| Next High | 1.58798 |
| Current Price | 1.58684 |
| Next Low | 1.58123 |
| 2nd Low | 1.57931 |
| 3rd Low | 1.57512 |
1.58798 – 1.59276 – 1.60421 – 1.58123 – 1.58436 – 1.58357 —
1.58798 – 1.58669 —
57.391440811255 – 52.592231247101 —
1.58798 – 1772737200 —
– 1772737200
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing – – – – – – – – –