EUR/CAD – 30M – BUYThe pair Euro/Canadian Dollar (EUR/CAD) moves from the descending trendline down.
A continuation of the downtrend downwards to the next support level at 1.48347 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 1.49033 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Matching Low’ chart pattern is detected. The chart forms ‘Matching Low’. which is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49437 |
| 2nd High | 1.49099 |
| Next High | 1.49033 |
| Current Price | 1.48902 |
| Next Low | 1.48347 |
| 2nd Low | 1.48205 |
| 3rd Low | 1.47883 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Matching Low