EUR/CAD – 30M – BUYCorrection of the major bullish trend broke through the Fibonacci 0.24-Level.Continuation of the current descending trend is likely expected. Current target is 1.47869 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the support zone at 1.48246 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Matching Low’ chart pattern is found. The chart forms ‘Matching Low’. which is a positive chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48896 |
| 2nd High | 1.48587 |
| Next High | 1.48246 |
| Current Price | 1.48039 |
| Next Low | 1.47750 |
| 2nd Low | 1.47492 |
| 3rd Low | 1.47177 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Matching Low