EUR/CAD – 30M – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the ascending trendline down.
The bearish trend downwards to the next support level at 1.54155 is considered certain.
Caution: A possible change in the direction of the resistance line at 1.59319 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Northern Doji’ candlestick chart pattern is found. The candles show ‘Northern Doji’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
Additionally a ‘Double top chart pattern’ chart layout is existing. The formation shows ‘Double top chart pattern’. which is a negative pattern signal. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.59319 |
| Current Price | 1.56894 |
| Next Low | 1.54155 |
| 2nd Low | 1.54067 |
| 3rd Low | 1.53824 |
1.59319 – 1.58364 – 1.57161 – 1.57217 – 1.54155 – 1.54067
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Northern Doji