EUR/CAD – 30M – BUYBesides a ‘Double bottom retreat down’ chart formation is found. The chart picture forms ‘Double bottom retreat down’. this is a bearish pattern signal. The pair is likely to go down.
The pair Euro/Canadian Dollar (EUR/CAD) jumps from the ascending trendline up.
A continuation of the upward movement upwards to the next resistance at 1.58093 is certain.
Caution: A possible reversal of the trend in the direction of the support level at 1.57101 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Resistance Level’ indicator signal is detected. The indicator shows ‘Resistance Level’. this is usually a bullish signal. The pair is likely to go up.
Besides a ‘Bullish Tri-Star’ candle chart pattern is discovered. The chart forms ‘Bullish Tri-Star’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Tri-Star’ going up is 60% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.59508 |
| 2nd High | 1.58180 |
| Next High | 1.58093 |
| Current Price | 1.57616 |
| Next Low | 1.57101 |
| 2nd Low | 1.55998 |
| 3rd Low | 1.55861 |
1.57490 – 1.56463 – 1.56666 – 1.57101 – 1.55998 – 1.56015
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bullish Tri-Star