EUR/CAD – 30M – BUYThe pair Euro/Canadian Dollar (EUR/CAD) moves from the descending trendline downwards
A continuation of the bearish trend down to the next support level at 1.56227 will persist.
Caution: A possible change in the direction of the resistance line at 1.56649 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Tweezers Top’ candle pattern is detected. The candles form ‘Tweezers Top’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
Furthermore a ‘Double top chart pattern’ chart layout is found. The chart shows ‘Double top chart pattern’. which is a bearish chart scenario. The currency pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.56919 |
| 2nd High | 1.56848 |
| Next High | 1.56649 |
| Current Price | 1.56502 |
| Next Low | 1.56227 |
| 2nd Low | 1.55979 |
| 3rd Low | 1.55900 |
1.56649 – 1.56848 – 1.56838 – 1.56227 – 1.55979 – 1.56050
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Tweezers Top