EUR/CAD – 1H – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) jumps from the bearish trendline downwards
A continuation of the downward movement down to the next support at 1.47911 will continue.
Caution: A possible change in the direction of the resistance line at 1.48443 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Bullish Engulfing’ candlestick chart pattern is existing. The chart shows ‘Bullish Engulfing’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49400 |
| 2nd High | 1.49251 |
| Next High | 1.48443 |
| Current Price | 1.48162 |
| Next Low | 1.47911 |
| 2nd Low | 1.47595 |
| 3rd Low | 1.47371 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing