EUR/CAD – 1H – BUYThe combination Euro/Canadian Dollar (EUR/CAD) jumps from the ascending trendline upwards
A continuation of the bullish trend up to the next resistance line at 1.50239 is considered certain.
Caution: A possible trend reversal in the direction of the support level at 1.49090 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is considered certain. Current target is 1.50239 at the Fibonacci level 0-Level. Caution: A possible trend reversal in the direction of resistance at 1.50239 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Bearish SBS White Lines’ candlestick chart pattern is existing. The candles form ‘Bearish SBS White Lines’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish SBS White Lines’ heading down is 56% (Bull Market) & 57% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.50590 |
| Next High | 1.50239 |
| Current Price | 1.50047 |
| Next Low | 1.49090 |
| 2nd Low | 1.48752 |
| 3rd Low | 1.48347 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish SBS White Lines