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

According to the chart of M15, EURCAD formed the Bullish Symmetrical Triangle pattern. Description: This is the pattern of a trend continuation. 1.6181 and 1.6131 are the coordinates of the upper and lower borders respectively. The pattern width is measured on the chart at 50 pips. Outlook: If the upper border 1.6181 is broken, the price is likely to continue its move by 1.6176.

According to the chart of M5, EURCAD formed the Bearish Rectangle. The pattern indicates a trend continuation. The upper border is 1.6165, the lower border is 1.6155. The signal means that a short position should be opened after fixing a price below the lower border 1.6155 of the Bearish Rectangle.

The technical pattern called Head and Shoulders has appeared on the chart of EURCAD M5. There are weighty reasons to suggest that the price will surpass the Neckline 1.6161/1.6164 after the right shoulder has been formed. So, the trend is set to change with the price heading for 1.6149.

According to the chart of M5, EURCAD formed the Inverse Head and Shoulder pattern. The Head’s top is set at 1.6097 while the median line of the Neck is found at 1.6075/1.6093. The formation of the Inverse Head and Shoulder pattern evidently signals a reversal of the downward trend. In other words, in case the scenario comes true, the price of EURCAD will go towards 1.6112

The Double Bottom pattern has been formed on EURCAD M5; the upper boundary is 1.6098; the lower boundary is 1.6083. The width of the pattern is 15 points. In case of a break of the upper boundary 1.6098, 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.