EUR/CAD – 1H – BUYThe combination Euro/Canadian Dollar (EUR/CAD) moves from the ascending trendline downwards
A bearish descent down to the next support line at 1.49108 is likely expected.
Caution: A possible change in the direction of the resistance zone at 1.50378 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend halted around the Fibonacci 0.7-Level.Continuation of the current ascending trend is likely expected. Target of the current trend is 1.497955 at the Fibonacci level 0.5-Level. Caution: A possible change in the direction of the resistance zone at 1.50378 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Three White Soldiers’ candle pattern is detected. The chart shows ‘Three White Soldiers’. 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 ‘Three White Soldiers’ going up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50590 |
| 2nd High | 1.50501 |
| Next High | 1.50378 |
| Current Price | 1.49692 |
| Next Low | 1.49108 |
| 2nd Low | 1.49090 |
| 3rd Low | 1.48752 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three White Soldiers