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

According to the chart of M15, EURCAD formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 1.6230/1.6241 whereas the upper border goes across 1.6251/1.6241. If the Bullish Symmetrical Triangle pattern is in progress, this evidently signals a further upward trend. In other words, in case the scenario comes true, the price of EURCAD will breach the upper border to head for 1.6264.

On the chart of the EURCAD M5 trading instrument, the Triple Top pattern that signals a trend change has formed. It is possible that after formation of the third peak, the price will try to break through the resistance level 1.6193, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 13 points.

The Double Top reversal pattern has been formed on EURCAD M5. Characteristics: the upper boundary 1.6170; the lower boundary 1.6162; the width of the pattern is 7 points. Sell trades are better to be opened below the lower boundary 1.6162 with a possible movements towards the 1.6147 level.

The Triple Bottom pattern has been formed on EURCAD M5. It has the following characteristics: resistance level 1.6172/1.6168; support level 1.6159/1.6158; the width is 13 points. In the event of a breakdown of the resistance level of 1.6172, the price is likely to continue an upward movement at least to 1.6172.

According to the chart of M15, EURCAD formed the Bearish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 1.6063 - 0.0000 and support 1.6051 – 1.6051. In case the resistance level 1.6051 - 1.6051 is broken, the instrument is likely to follow the bearish trend.