EUR/CAD – 30M – BUYThe combination Euro/Canadian Dollar (EUR/CAD) jumps from the descending trendline down.
A continuation of the downward movement down to the next support level at 1.49242 is certain.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.49998 should be noted.
Consider stop-loss settings accordingly.
And also a ‘Matching Low’ candle pattern is discovered. The candles form ‘Matching Low’. which 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 ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50179 |
| 2nd High | 1.50059 |
| Next High | 1.49998 |
| Current Price | 1.49720 |
| Next Low | 1.49242 |
| 2nd Low | 1.49102 |
| 3rd Low | 1.48752 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Matching Low