EUR/CAD – 4H – BUYThe combination Euro/Canadian Dollar (EUR/CAD) breaks through the descending trendline upwards
A bullish movement upwards to the next resistance line at 1.49734 will persist.
Caution: A possible reversal of the trend in the direction of support at 1.48205 could occur.
Consider stop-loss settings accordingly.
Also there is a ‘Bullish Engulfing’ candlestick pattern is existing. The chart shows ‘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 | |
| 2nd High | 1.51696 |
| Next High | 1.49734 |
| Current Price | 1.49728 |
| Next Low | 1.48205 |
| 2nd Low | 1.47224 |
| 3rd Low | 1.44868 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing