EUR/CAD – 30M – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) breaks through the bearish trendline up.
A bullish movement up to the next resistance level at 1.56848 is considered certain.
Caution: A possible reversal of the trend in the direction of the support level at 1.56302 is also possible.
Consider stop-loss settings accordingly.
Furthermore a ‘Northern Doji’ candlestick chart pattern is existing. The candles form ‘Northern Doji’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
Furthermore a ‘Resistance Level’ indicator layout is detected. The indicator shows ‘Resistance Level’. which is often a bullish chart signal. The currency pair could go up.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.57524 |
| 2nd High | 1.56919 |
| Next High | 1.56848 |
| Current Price | 1.56994 |
| Next Low | 1.56302 |
| 2nd Low | 1.56227 |
| 3rd Low | 1.55979 |
1.56649 – 1.56848 – 1.56838 – 1.56302 – 1.56227 – 1.55979
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Northern Doji