Furthermore a ‘Double bottom retreat down’ chart formation is discovered. The chart shows ‘Double bottom retreat down’. which is a bearish chart scenario. The currency pair is likely to fall.
The combination Euro/Canadian Dollar (EUR/CAD) breaks through the ascending trendline upwards
A continuation of the bullish trend upwards to the next resistance line at 1.57094 is certain.
Caution: A possible reversal of the trend in the direction of the support zone at 1.56444 is within the realm of possibility.
Consider stop-loss settings accordingly.
Furthermore a ‘Resistance Level’ indicator signal is existing. The indicator is ‘Resistance Level’. this is usually a bullish chart scenario. The pair is likely to go up.
Furthermore a ‘Northern Doji’ candle chart pattern is discovered. The chart forms ‘Northern Doji’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
Support & Resistance | Price Range* |
---|---|
3rd High | 1.57497 |
2nd High | 1.57324 |
Next High | 1.57094 |
Current Price | 1.57100 |
Next Low | 1.56444 |
2nd Low | 1.55998 |
3rd Low | 1.55861 |
1.57094 – 1.57086 – 1.57324 – 1.56444 – 1.56711 – 1.56746
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Northern Doji