EUR/CAD – 1H – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) breaks through the descending trendline up.
An ascent up to the next resistance at 1.49362 is expected.
Caution: A possible change in the direction of the support zone at 1.47595 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend broke the Fibonacci 0.5-Level.Continuation of the current ascending trend is expected. Target of the current trend is 1.49782438 at the Fibonacci level 0.79-Level. Caution: A possible change in the direction of the resistance zone at 1.49362 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Three Outside Up’ candlestick chart pattern is discovered. The candles show ‘Three Outside Up’. this is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50378 |
| 2nd High | 1.49791 |
| Next High | 1.49362 |
| Current Price | 1.49044 |
| Next Low | 1.47595 |
| 2nd Low | 1.47371 |
| 3rd Low | 1.47226 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Up