EUR/CAD – 1H – BUYThe combination Euro/Canadian Dollar (EUR/CAD) moves from the bullish trendline down.
A bearish descent down to the next support at 1.48752 will continue.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.50059 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Matching Low’ chart pattern is detected. The chart forms ‘Matching Low’. this is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50590 |
| 2nd High | 1.50179 |
| Next High | 1.50059 |
| Current Price | 1.49723 |
| Next Low | 1.48752 |
| 2nd Low | 1.48347 |
| 3rd Low | 1.48205 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Matching Low