EUR/CAD – 30M – BUYThe pair Euro/Canadian Dollar (EUR/CAD) jumps from the bullish trendline down.
A bearish movement downwards to the next support at 1.48766 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 1.49400 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Three Outside Up’ candlestick pattern is existing. The chart shows ‘Three Outside Up’. this is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50378 |
| 2nd High | 1.49791 |
| Next High | 1.49400 |
| Current Price | 1.48884 |
| Next Low | 1.48766 |
| 2nd Low | 1.48358 |
| 3rd Low | 1.48319 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Up