EUR/CAD – 1H – BUYThe pair Euro/Canadian Dollar (EUR/CAD) breaks through the descending trendline up.
The bullish trend upwards to the next resistance level at 1.56726 is likely expected.
Caution: A possible counter-trend in the direction of the support zone at 1.56060 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Exponential Moving Average 200 (EMA 200)’ indicator layout is found. The indicator is ‘Exponential Moving Average 200 (EMA 200)’. this is usually a bullish chart scenario. The pair is likely to go up.
Moreover a ‘Northern Doji’ candle pattern is found. The candles show ‘Northern Doji’. which is a positive chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
Moreover a ‘Resistance Level’ indicator layout is discovered. The indicator is ‘Resistance Level’. this is usually a bullish signal. The currency pair is likely to rise.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.58093 |
| 2nd High | 1.56919 |
| Next High | 1.56726 |
| Current Price | 1.56804 |
| Next Low | 1.56060 |
| 2nd Low | 1.55900 |
| 3rd Low | 1.55756 |
1.56726 – 1.56919 – 1.56899 – 1.56060 – 1.55900 – 1.55756
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Northern Doji