EUR/CAD – 1H – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the ascending trendline downwards
A bearish trend down to the next support at 1.49301 will persist.
Caution: A possible change in the direction of the resistance line at 1.50475 could be enabled.
Consider stop-loss settings accordingly.
Moreover a ‘Matching Low’ candle chart pattern is discovered. The chart forms ‘Matching Low’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.51696 |
| 2nd High | 1.51400 |
| Next High | 1.50475 |
| Current Price | 1.50157 |
| Next Low | 1.49301 |
| 2nd Low | 1.48347 |
| 3rd Low | 1.48205 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Matching Low