EUR/CAD – 30M – BUYThe pair Euro/Canadian Dollar (EUR/CAD) breaks through the descending trendline up.
A bullish trend up to the next resistance level at 1.49362 will continue.
Caution: A possible reversal of the trend in the direction of support at 1.47687 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Two-Candle Shooting Star’ candlestick pattern is detected. The candles form ‘Two-Candle Shooting Star’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Two-Candle Shooting Star’ heading down is 61% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50378 |
| 2nd High | 1.49791 |
| Next High | 1.49362 |
| Current Price | 1.48863 |
| Next Low | 1.47687 |
| 2nd Low | 1.47595 |
| 3rd Low | 1.47371 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Two-Candle Shooting Star