EUR/CAD – 1H – BUYThe 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.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.58180 |
| 2nd High | 1.58093 |
| Next High | 1.57099 |
| Current Price | 1.56334 |
| Next Low | 1.56227 |
| 2nd Low | 1.55979 |
| 3rd Low | 1.55900 |
1.57099 – 1.56848 – 1.56726 – 1.56227 – 1.55979 – 1.56060
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Engulfing