EUR/CAD – 30M – BUYThe combination Euro/Canadian Dollar (EUR/CAD) breaks through the descending trendline up.
A bullish trend up to the next resistance level at 1.49943 is certain.
Caution: A possible change in the direction of the support line at 1.49090 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Three Outside Up’ candle pattern is existing. The chart forms ‘Three Outside Up’. which is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50179 |
| 2nd High | 1.50115 |
| Next High | 1.49943 |
| Current Price | 1.49543 |
| Next Low | 1.49090 |
| 2nd Low | 1.48752 |
| 3rd Low | 1.48347 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Up