EUR/CAD – 30M – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the ascending trendline down.
A bearish trend downwards to the next support line at 1.49102 is likely expected.
Caution: A possible change in the direction of the resistance line at 1.50179 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Above the Stomach’ candlestick pattern is existing. The chart forms ‘Above the Stomach’. this 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 likelyhood of ‘Above the Stomach’ heading up is 66% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50590 |
| 2nd High | 1.50308 |
| Next High | 1.50179 |
| Current Price | 1.49625 |
| Next Low | 1.49102 |
| 2nd Low | 1.48752 |
| 3rd Low | 1.48347 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Above the Stomach