EUR/CAD – 30M – BUYThe pair Euro/Canadian Dollar (EUR/CAD) jumps from the bearish trendline down.
A continuation of the bearish trend down to the next support line at 1.47645 is certain.
Caution: A possible reversal of the trend in the direction of resistance at 1.48188 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Three Line Strike – Bullish’ candle chart pattern is discovered. The candles form ‘Three Line Strike – Bullish’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Line Strike – Bullish’ heading up is 83% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48587 |
| 2nd High | 1.48246 |
| Next High | 1.48188 |
| Current Price | 1.47669 |
| Next Low | 1.47645 |
| 2nd Low | 1.47492 |
| 3rd Low | 1.47177 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Line Strike – Bullish