EUR/CAD – 1H – BUYThe pair Euro/Canadian Dollar (EUR/CAD) moves from the bullish trendline downwards
A bearish descent down to the next support line at 1.47371 is likely expected.
Caution: A possible counter-trend in the direction of the resistance level at 1.48587 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Matching Low’ chart pattern is found. The chart forms ‘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 success rate of a ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49263 |
| 2nd High | 1.48896 |
| Next High | 1.48587 |
| Current Price | 1.48427 |
| Next Low | 1.47371 |
| 2nd Low | 1.47226 |
| 3rd Low | 1.47224 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Matching Low