EUR/CAD – 1H – BUYCorrection of the major bullish trend halted around the Fibonacci 0.5-Level.Continuation of the current ascending trend is considered certain. Current target is 1.5782246 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the resistance line at 1.58180 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Concealing Baby Swallow’ candlestick chart pattern is detected. The candles show ‘Concealing Baby Swallow’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Concealing Baby Swallow’ heading down is 75% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.59602 |
| Next High | 1.58180 |
| Current Price | 1.57555 |
| Next Low | 1.57215 |
| 2nd Low | 1.57003 |
| 3rd Low | 1.56875 |
1.58180 – 1.57872 – 1.57983 – 1.57215 – 1.57003 – 1.56875
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Concealing Baby Swallow