EUR/CAD – 30M – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) breaks through the descending trendline up.
A bullish movement upwards to the next resistance level at 1.49842 will persist.
Caution: A possible trend reversal in the direction of support at 1.49102 should always be considered.
Consider stop-loss settings accordingly.
In addition a ‘Bullish Engulfing’ candlestick chart pattern is detected. The chart shows ‘Bullish Engulfing’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50308 |
| 2nd High | 1.50179 |
| Next High | 1.49842 |
| Current Price | 1.49720 |
| Next Low | 1.49102 |
| 2nd Low | 1.48752 |
| 3rd Low | 1.48347 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing