EUR/CAD – 1H – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the ascending trendline down.
A bearish trend down to the next support level at 1.47492 is expected.
Caution: A possible counter-trend in the direction of the resistance line at 1.48587 could happen.
Consider stop-loss settings accordingly.
In addition a ‘Bullish Engulfing’ candlestick chart pattern is existing. The candles form ‘Bullish Engulfing’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49263 |
| 2nd High | 1.48896 |
| Next High | 1.48587 |
| Current Price | 1.47880 |
| Next Low | 1.47492 |
| 2nd Low | 1.47177 |
| 3rd Low | 1.44868 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing