EUR/CAD – 1H – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) jumps from the ascending trendline downwards
A descending movement downwards to the next support at 1.47595 is certain.
Caution: A possible trend reversal in the direction of the resistance line at 1.48941 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bullish Engulfing’ candlestick pattern is discovered. The chart forms ‘Bullish Engulfing’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49791 |
| 2nd High | 1.49362 |
| Next High | 1.48941 |
| Current Price | 1.48500 |
| Next Low | 1.47595 |
| 2nd Low | 1.47371 |
| 3rd Low | 1.47226 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing