EUR/CAD – 30M – BUYThe pair Euro/Canadian Dollar (EUR/CAD) moves from the descending trendline downwards
A continuation of the downtrend downwards to the next support level at 1.49102 is expected.
Caution: A possible change in the direction of the resistance line at 1.49943 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bearish trend halted around the Fibonacci 0-Level.Continuation of the current descending trend is expected. Target of the current trend is 1.49387 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the support level at 1.49943 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Matching Low’ chart pattern is discovered. The candles show ‘Matching Low’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50179 |
| 2nd High | 1.50115 |
| Next High | 1.49943 |
| Current Price | 1.49237 |
| Next Low | 1.49102 |
| 2nd Low | 1.48752 |
| 3rd Low | 1.48347 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Matching Low