EUR/CAD – 1H – BUYThe pair Euro/Canadian Dollar (EUR/CAD) jumps from the descending trendline downwards
A continuation of the downtrend down to the next support at 1.47492 is considered certain.
Caution: A possible trend reversal in the direction of the resistance line at 1.48246 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Matching Low’ candle chart pattern is found. The candles form ‘Matching Low’. this is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48896 |
| 2nd High | 1.48587 |
| Next High | 1.48246 |
| Current Price | 1.47431 |
| Next Low | 1.47492 |
| 2nd Low | 1.47177 |
| 3rd Low | 1.44868 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Matching Low