EUR/CAD – 1H – BUYThe combination Euro/Canadian Dollar (EUR/CAD) breaks through the bearish trendline upwards
A bullish ascent up to the next resistance line at 1.58012 will continue.
Caution: A possible counter-trend in the direction of support at 1.56944 could happen.
Consider stop-loss settings accordingly.
Furthermore a ‘Northern Doji’ candlestick chart pattern is existing. The chart forms ‘Northern Doji’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.59319 |
| 2nd High | 1.58520 |
| Next High | 1.58012 |
| Current Price | 1.58084 |
| Next Low | 1.56944 |
| 2nd Low | 1.56714 |
| 3rd Low | 1.54067 |
1.58012 – 1.58520 – 1.58162 – 1.56944 – 1.56714 – 1.56923
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Northern Doji