FX.co ★ Actual patterns. Technical analysis and trading recommendations

According to the chart of M5, EURCAD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 1.6092/1.6106 and upper border is 1.6121/1.6106. The pattern width is measured on the chart at -29 pips. The formation of the Bearish Symmetrical Triangle pattern evidently signals a continuation of the downward trend. In other words, if the scenario comes true and EURCAD breaches the lower border, the price could continue its move toward 1.6091.

The Double Top reversal pattern has been formed on EURCAD M5. Characteristics: the upper boundary 1.6106; the lower boundary 1.6098; the width of the pattern is 8 points. Sell trades are better to be opened below the lower boundary 1.6098 with a possible movements towards the 1.6083 level.

The Bearish pennant pattern has formed on the EURCAD M30 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 1.6061 is broken through. Recommendations: Place the sell stop pending order 10 pips below the pattern’s low. Place the take profit order at the projection distance of the flagpole height.

The Double Bottom pattern has been formed on EURCAD M5; the upper boundary is 1.6079; the lower boundary is 1.6066. The width of the pattern is 13 points. In case of a break of the upper boundary 1.6079, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.

The Bearish pennant pattern has formed on the EURCAD M5 chart. This pattern type is characterized by a slight slowdown after which the price will move in the direction of the original trend. In case the price fixes below the pattern’s low of 1.6065, a trader will be able to successfully enter the sell position.