EUR/CAD – 30M – BUYThe pair Euro/Canadian Dollar (EUR/CAD) moves from the bearish trendline down.
A continuation of the bearish trend down to the next support line at 1.56302 is likely expected.
Caution: A possible trend reversal in the direction of the resistance line at 1.57099 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Last Engulfing Top’ candle chart pattern is detected. The chart shows ‘Last Engulfing 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 probability of ‘Last Engulfing Top’ heading down is 68% (Bull Market) & 67% (Bear Market).
Also there is a ‘Double top chart pattern’ chart pattern is detected. The chart forms ‘Double top chart pattern’. which is a bearish signal. 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 | 1.56261 |
| 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 – Last Engulfing Top