EUR/CAD – 1H – BUYThe pair Euro/Canadian Dollar (EUR/CAD) moves from the bearish trendline downwards
A continuation of the downward movement downwards to the next support line at 1.47492 will persist.
Caution: A possible reversal of the trend in the direction of the resistance level at 1.48246 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bullish Engulfing’ candle chart pattern is discovered. The candles form ‘Bullish Engulfing’. which is a bullish signal. The 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 | 1.48896 |
| 2nd High | 1.48587 |
| Next High | 1.48246 |
| Current Price | 1.47669 |
| Next Low | 1.47492 |
| 2nd Low | 1.47177 |
| 3rd Low | 1.44868 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing