EUR/CAD – 1H – BUYThe pair Euro/Canadian Dollar (EUR/CAD) breaks through the bearish trendline up.
A bullish trend upwards to the next resistance at 1.48465 is likely expected.
Caution: A possible trend reversal in the direction of the support line at 1.48022 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bullish Engulfing’ candlestick pattern is detected. The chart shows ‘Bullish Engulfing’. which is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49400 |
| 2nd High | 1.49251 |
| Next High | 1.48465 |
| Current Price | 1.48318 |
| Next Low | 1.48022 |
| 2nd Low | 1.47911 |
| 3rd Low | 1.47595 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing