EUR/CAD – 30M – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) jumps from the bearish trendline down.
A continuation of the downtrend downwards to the next support line at 1.47686 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 1.48188 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Matching Low’ candlestick pattern is discovered. The candles form ‘Matching Low’. which 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 chance of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48587 |
| 2nd High | 1.48246 |
| Next High | 1.48188 |
| Current Price | 1.47736 |
| Next Low | 1.47686 |
| 2nd Low | 1.47492 |
| 3rd Low | 1.47177 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Matching Low