EUR/CAD – 30M – BUYThe combination Euro/Canadian Dollar (EUR/CAD) breaks through the ascending trendline up.
A continuation of the upward movement upwards to the next resistance level at 1.60932 is considered certain.
Caution: A possible trend reversal in the direction of the support line at 1.60623 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Latter Bottom’ candlestick pattern is detected. The chart shows ‘Latter Bottom’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Latter Bottom’ heading up is 56% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.61487 |
| 2nd High | 1.61216 |
| Next High | 1.60932 |
| Current Price | 1.61102 |
| Next Low | 1.60623 |
| 2nd Low | 1.60379 |
| 3rd Low | 1.59942 |
1.60932 – 1.61216 – 1.60788 – 1.60623 – 1.60711 – 1.60379 —
1.61043 – 1.61125 —
66.307248601273 – 63.527360138307 —
– —
1.60932 – 1779930000
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Latter Bottom – – – – – – – – –