EUR/CAD – 4H – BUYCorrection of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is certain. Target of the current trend is 1.55756 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the support level at 1.56919 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Tweezers Top’ chart pattern is detected. The chart forms ‘Tweezers Top’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.59602 |
| 2nd High | 1.58180 |
| Next High | 1.56919 |
| Current Price | 1.56485 |
| Next Low | 1.55756 |
| 2nd Low | 1.54067 |
| 3rd Low | 1.53824 |
1.56919 – 1.58180 – 1.57983 – 1.55756 – 1.56665 – 1.56944
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Tweezers Top