EUR/CAD – 1H – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) moves from the bearish trendline down.
A continuation of the downward movement down to the next support level at 1.47595 is expected.
Caution: A possible counter-trend in the direction of the resistance level at 1.48465 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bullish Engulfing’ candlestick chart pattern is detected. The candles form ‘Bullish Engulfing’. which is a positive signal. The currency pair is likely to rise. 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 | 1.48465 |
| Current Price | 1.47831 |
| Next Low | 1.47595 |
| 2nd Low | 1.47371 |
| 3rd Low | 1.47226 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing