EUR/CAD – 30M – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) breaks through the descending trendline up.
An ascent upwards to the next resistance at 1.48667 is considered certain.
Caution: A possible counter-trend in the direction of the support level at 1.48175 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Bullish Engulfing’ chart pattern is existing. The candles form ‘Bullish Engulfing’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49907 |
| 2nd High | 1.49263 |
| Next High | 1.48667 |
| Current Price | 1.48359 |
| Next Low | 1.48175 |
| 2nd Low | 1.47724 |
| 3rd Low | 1.47110 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing