EUR/CAD – 30M – BUYThe combination Euro/Canadian Dollar (EUR/CAD) moves from the bullish trendline down.
A bearish descent downwards to the next support at 1.47226 is certain.
Caution: A possible change in the direction of resistance at 1.48016 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Matching Low’ candlestick pattern is detected. The chart forms ‘Matching Low’. this is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48246 |
| 2nd High | 1.48188 |
| Next High | 1.48016 |
| Current Price | 1.47859 |
| Next Low | 1.47226 |
| 2nd Low | 1.47224 |
| 3rd Low | 1.47177 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Matching Low