EUR/CAD – 30M – BUY

The pair Euro/Canadian Dollar (EUR/CAD) goes from the ascending trendline downwards

A bearish descent downwards to the next support level at 1.55542 is certain.

Caution: A possible trend reversal in the direction of resistance at 1.57249 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.

Correction of the major bearish trend halted around the Fibonacci 0-Level.Continuation of the current descending trend is certain. Target of the current trend is 1.55542 at the Fibonacci level 0-Level. Caution: A possible trend reversal in the direction of the support level at 1.57249 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.

Moreover a ‘Matching Low’ candlestick pattern is existing. The candles show ‘Matching Low’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Matching Low’ heading up is 61% (Bull & Bear Market).

Moreover a ‘Support Level’ indicator signal is found. The indicator shows ‘Support Level’. which could be a negative chart signal. The pair is likely to go down.

1.57249 – 1.57099 – 1.56649 – 1.55542 – 1.56077 – 1.56122

Download EUR/CAD Signal Image

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Matching Low