EUR/CAD – 30M – BUYThe pair Euro/Canadian Dollar (EUR/CAD) breaks through the descending trendline up.
An ascent upwards to the next resistance at 1.49791 is likely expected.
Caution: A possible reversal of the trend in the direction of support at 1.48805 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bearish trend broke the Fibonacci 0-Level.Continuation of the current ascending trend is likely expected. Current target is 1.49205256 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of the resistance line at 1.49791 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Three Outside Up’ chart pattern is discovered. The candles show ‘Three Outside Up’. which is a positive signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50501 |
| 2nd High | 1.50378 |
| Next High | 1.49791 |
| Current Price | 1.48934 |
| Next Low | 1.48805 |
| 2nd Low | 1.48752 |
| 3rd Low | 1.48347 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Up