The combination Euro/Canadian Dollar (EUR/CAD) goes from the ascending trendline down.
A bearish movement down to the next support line at is expected.
Caution: A possible change in the direction of resistance at 1.59602 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
And also a ‘Exponential Moving Average 50 (EMA 50)’ indicator layout is detected. The indicator is ‘Exponential Moving Average 50 (EMA 50)’. this is usually a bearish signal. The currency pair is likely to fall.
And also a ‘Northern Doji’ chart pattern is existing. The candles show ‘Northern Doji’. this is a bullish chart scenario. The pair is likely to go up. 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 | |
2nd High | |
Next High | 1.59602 |
Current Price | 1.57375 |
Next Low | |
2nd Low | |
3rd Low |
1.59602 – 1.58520 – 1.59319 – 1.56665 – 1.56944 – 1.56714
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Northern Doji