EUR/CAD – 30M – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the descending trendline downwards
A continuation of the bearish trend down to the next support line at 1.48766 is likely expected.
Caution: A possible change in the direction of resistance at 1.49400 is within the realm of possibility.
Consider stop-loss settings accordingly.
Besides a ‘Bullish Belt Hold’ chart pattern is detected. The chart forms ‘Bullish Belt Hold’. this is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Belt Hold’ heading up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50378 |
| 2nd High | 1.49791 |
| Next High | 1.49400 |
| Current Price | 1.49163 |
| Next Low | 1.48766 |
| 2nd Low | 1.48358 |
| 3rd Low | 1.48319 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Belt Hold