EUR/CAD – 1H – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) moves from the bullish trendline down.
The bearish trend downwards to the next support at 1.49301 will continue.
Caution: A possible change in the direction of the resistance line at 1.51400 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Bullish Engulfing’ candle pattern is existing. The candles form ‘Bullish Engulfing’. this is a bullish pattern signal. The currency 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 | |
| 2nd High | 1.51696 |
| Next High | 1.51400 |
| Current Price | 1.50092 |
| Next Low | 1.49301 |
| 2nd Low | 1.48347 |
| 3rd Low | 1.48205 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing