EUR/CAD – 1H – BUYThe pair Euro/Canadian Dollar (EUR/CAD) breaks through the ascending trendline up.
A continuation of the uptrend upwards to the next resistance line at 1.50590 is likely expected.
Caution: A possible change in the direction of the support zone at 1.49090 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend halted around the Fibonacci 0-Level.Continuation of the current ascending trend is likely expected. Current target is 1.50239 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the resistance line at 1.50590 could happen.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Three Outside Up’ chart pattern is found. The chart shows ‘Three Outside Up’. which is a bullish pattern signal. The currency pair is likely to rise. 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 | |
| 2nd High | |
| Next High | 1.50590 |
| Current Price | 1.50439 |
| Next Low | 1.49090 |
| 2nd Low | 1.48752 |
| 3rd Low | 1.48347 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Up