EUR/CAD – 30M – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the ascending trendline downwards
A descending movement down to the next support at 1.49854 is expected.
Caution: A possible change in the direction of the resistance line at 1.50239 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Last Engulfing Bottom:’ candlestick pattern is found. The candles form ‘Last Engulfing Bottom:’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Last Engulfing Bottom:’ going down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50590 |
| 2nd High | 1.50308 |
| Next High | 1.50239 |
| Current Price | 1.50158 |
| Next Low | 1.49854 |
| 2nd Low | 1.49090 |
| 3rd Low | 1.48752 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Last Engulfing Bottom: