EUR/CAD – 1H – BUYThe combination Euro/Canadian Dollar (EUR/CAD) breaks through the bearish trendline up.
A bullish trend up to the next resistance at 1.48443 is expected.
Caution: A possible trend reversal in the direction of the support level at 1.47911 is within the realm of possibility.
Consider stop-loss settings accordingly.
Moreover a ‘Three Outside Up’ candlestick chart pattern is found. The candles show ‘Three Outside Up’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49400 |
| 2nd High | 1.49251 |
| Next High | 1.48443 |
| Current Price | 1.48407 |
| Next Low | 1.47911 |
| 2nd Low | 1.47595 |
| 3rd Low | 1.47371 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Up