EUR/CAD – 4H – BUYThe combination Euro/Canadian Dollar (EUR/CAD) breaks through the bearish trendline up.
A bullish ascent up to the next resistance level at 1.56919 is expected.
Caution: A possible counter-trend in the direction of the support line at 1.55979 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Northern Doji’ chart pattern is discovered. The chart forms ‘Northern Doji’. which is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.59602 |
| 2nd High | 1.58180 |
| Next High | 1.56919 |
| Current Price | 1.56334 |
| Next Low | 1.55979 |
| 2nd Low | 1.55756 |
| 3rd Low | 1.54067 |
1.56919 – 1.58180 – 1.57983 – 1.55979 – 1.55756 – 1.56665
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Northern Doji