EUR/CAD – 1H – BUYThe pair Euro/Canadian Dollar (EUR/CAD) jumps from the ascending trendline downwards
A descent downwards to the next support at 1.47177 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.48246 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bullish Engulfing’ chart pattern is found. The candles show ‘Bullish Engulfing’. this is a bullish pattern signal. The pair is likely to go up. 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 | 1.48896 |
| 2nd High | 1.48587 |
| Next High | 1.48246 |
| Current Price | 1.47396 |
| Next Low | 1.47177 |
| 2nd Low | 1.44868 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing