EUR/CAD – 1H – BUYThe pair Euro/Canadian Dollar (EUR/CAD) goes from the ascending trendline down.
A bearish movement down to the next support at 1.48986 will persist.
Caution: A possible change in the direction of the resistance level at 1.49600 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Bullish Engulfing’ candle pattern is discovered. The candles show ‘Bullish Engulfing’. which 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’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49907 |
| 2nd High | 1.49660 |
| Next High | 1.49600 |
| Current Price | 1.49573 |
| Next Low | 1.48986 |
| 2nd Low | 1.47371 |
| 3rd Low | 1.47226 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing