The currency pair Euro/Canadian Dollar (EUR/CAD) breaks through the descending trendline up.
An ascent upwards to the next resistance at 1.48667 is considered certain.
Caution: A possible counter-trend in the direction of the support level at 1.48175 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Bullish Engulfing’ chart pattern is existing. The candles form ‘Bullish Engulfing’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
Support & Resistance | Price Range* |
---|---|
3rd High | 1.49907 |
2nd High | 1.49263 |
Next High | 1.48667 |
Current Price | 1.48359 |
Next Low | 1.48175 |
2nd Low | 1.47724 |
3rd Low | 1.47110 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing