EUR/CAD – 1H – BUYThe combination Euro/Canadian Dollar (EUR/CAD) moves from the descending trendline downwards
A continuation of the bearish trend downwards to the next support at 1.48347 will persist.
Caution: A possible counter-trend in the direction of the resistance zone at 1.49437 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Bullish Engulfing’ candle pattern is found. The chart forms ‘Bullish Engulfing’. which is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49907 |
| 2nd High | 1.49734 |
| Next High | 1.49437 |
| Current Price | 1.49328 |
| Next Low | 1.48347 |
| 2nd Low | 1.48205 |
| 3rd Low | 1.47371 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing