EUR/CAD – 30M – BUYThe pair Euro/Canadian Dollar (EUR/CAD) jumps from the ascending trendline down.
A descent down to the next support at 1.47177 is certain.
Caution: A possible change in the direction of the resistance line at 1.48188 could be enabled.
Consider stop-loss settings accordingly.
Besides a ‘Bullish Engulfing’ chart pattern is found. The chart forms ‘Bullish Engulfing’. this is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48587 |
| 2nd High | 1.48246 |
| Next High | 1.48188 |
| Current Price | 1.47396 |
| Next Low | 1.47177 |
| 2nd Low | 1.45943 |
| 3rd Low | 1.45355 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing