EUR/CAD – 1H – BUY

The currency pair Euro/Canadian Dollar (EUR/CAD) goes from the bullish trendline down.

A bearish movement downwards to the next support at 1.56227 is expected.

Caution: A possible counter-trend in the direction of the resistance level at 1.57099 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.

Then a ‘Bullish Engulfing’ candlestick chart pattern is existing. The candles show ‘Bullish Engulfing’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ going up is 63%.

Then a ‘Double top chart pattern’ chart formation is discovered. The chart picture shows ‘Double top chart pattern’. this is a bearish pattern signal. The pair is likely to go down.

1.57099 – 1.56848 – 1.56726 – 1.56227 – 1.55979 – 1.56060

Download EUR/CAD Signal Image

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing