The pair Euro/Canadian Dollar (EUR/CAD) breaks through the bullish trendline up.
A continuation of the bullish trend upwards to the next resistance level at 1.57886 is considered certain.
Caution: A possible counter-trend in the direction of the support level at 1.57711 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Northern Doji’ chart pattern is detected. The candles form ‘Northern Doji’. this is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
Support & Resistance | Price Range* |
---|---|
3rd High | 1.59508 |
2nd High | 1.58434 |
Next High | 1.57886 |
Current Price | 1.57913 |
Next Low | 1.57711 |
2nd Low | 1.57019 |
3rd Low | 1.56974 |
1.57641 – 1.57289 – 1.57757 – 1.57711 – 1.57019 – 1.56974
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Northern Doji