EUR/CAD – 30M – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the ascending trendline downwards
A descent down to the next support level at 1.56302 is expected.
Caution: A possible reversal of the trend in the direction of resistance at 1.57099 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Latter Bottom’ candle pattern is discovered. The chart forms ‘Latter Bottom’. which is a positive chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Latter Bottom’ going up is 56% (Bull Market) & 51% (Bear Market).
Besides a ‘Double top chart pattern’ chart formation is discovered. The chart forms ‘Double top chart pattern’. which is a negative chart scenario. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.57532 |
| 2nd High | 1.57524 |
| Next High | 1.57099 |
| Current Price | 1.56319 |
| Next Low | 1.56302 |
| 2nd Low | 1.56227 |
| 3rd Low | 1.55979 |
1.57099 – 1.56649 – 1.56848 – 1.56302 – 1.56227 – 1.55979
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Latter Bottom