EUR/CAD – 30M – BUYThe combination Euro/Canadian Dollar (EUR/CAD) moves from the descending trendline down.
A continuation of the bearish trend down to the next support line at will continue.
Caution: A possible change in the direction of the resistance zone at 1.57983 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Exponential Moving Average 200 (EMA 200)’ indicator layout is discovered. The indicator is ‘Exponential Moving Average 200 (EMA 200)’. which is often a bearish signal. The pair is likely to go down.
Besides a ‘Matching Low’ chart pattern is existing. The chart forms ‘Matching Low’. which is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.59602 |
| 2nd High | 1.59508 |
| Next High | 1.57983 |
| Current Price | 1.57602 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
1.57983 – 1.57481 – 1.57904 – 1.57003 – 1.57124 – 1.56987
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Matching Low