EUR/CAD – 1H – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) jumps from the ascending trendline downwards
A descent down to the next support level at 1.49301 is expected.
Caution: A possible trend reversal in the direction of resistance at 1.50590 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bullish Engulfing’ candlestick chart pattern is existing. The chart forms ‘Bullish Engulfing’. which is a positive 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’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.51696 |
| 2nd High | 1.51400 |
| Next High | 1.50590 |
| Current Price | 1.49595 |
| Next Low | 1.49301 |
| 2nd Low | 1.48347 |
| 3rd Low | 1.48205 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing