EUR/CAD – 1H – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) jumps from the descending trendline down.
A continuation of the bearish trend down to the next support at 1.56923 is likely expected.
Caution: A possible change in the direction of the resistance line at 1.58162 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Exponential Moving Average 50 (EMA 50)’ indicator layout is detected. The indicator is ‘Exponential Moving Average 50 (EMA 50)’. which could be a negative signal. The pair is likely to go down.
Besides a ‘Northern Doji’ candle pattern is found. The candles show ‘Northern Doji’. this is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
Besides a ‘Resistance Level’ indicator signal is existing. The indicator shows ‘Resistance Level’. this is usually a bearish chart signal. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.59319 |
| Next High | 1.58162 |
| Current Price | 1.57056 |
| Next Low | 1.56923 |
| 2nd Low | 1.56775 |
| 3rd Low | 1.54067 |
1.58162 – 1.59319 – 1.57450 – 1.56923 – 1.56775 – 1.54067
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Northern Doji