EUR/CAD – 30M – BUYThe pair Euro/Canadian Dollar (EUR/CAD) breaks through the bearish trendline up.
An ascending movement up to the next resistance line at 1.47827 will continue.
Caution: A possible reversal of the trend in the direction of support at 1.47226 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Bullish Engulfing’ chart pattern is discovered. The candles form ‘Bullish Engulfing’. 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 likelyhood of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48246 |
| 2nd High | 1.48188 |
| Next High | 1.47827 |
| Current Price | 1.47692 |
| Next Low | 1.47226 |
| 2nd Low | 1.47224 |
| 3rd Low | 1.47177 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing