EUR/CAD – 1H – BUYThe pair Euro/Canadian Dollar (EUR/CAD) breaks through the descending trendline upwards
A bullish trend up to the next resistance line at 1.49099 is expected.
Caution: A possible counter-trend in the direction of the support level at 1.48347 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Three Outside Up’ candle chart pattern is detected. The candles show ‘Three Outside Up’. this is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49734 |
| 2nd High | 1.49437 |
| Next High | 1.49099 |
| Current Price | 1.49144 |
| Next Low | 1.48347 |
| 2nd Low | 1.48205 |
| 3rd Low | 1.47371 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Up