FxWirePro: EUR/CAD engulfing pattern stimulates bullish momentum, major trend stuck in non-direction, creeps up in rising channel – Buzzing yields in one touch call

Are buzzing bullish sentiments in EURCAD luring you?

Yes, the uptrend sentiments are stimulated especially after the formation of engulfing pattern at 1.4791 levels and bullish DMA crossover indicates uptrend continuation (refer daily chart).

While the major trend crawls up in rising channel, tests support exactly at rising channel baseline (refer monthly chart). Please observe that bulls have been activated as and when hammer and dragonfly doji patterns crop up and steep slumps after the occurrences of shooting stars and gravestone doji patterns.

These bullish, as well as bearish patterns, have appeared within the rising channel.

In the recent past, the Dragonfly doji popped up exactly at channel support (1.4066), consequently, we’ve seen its bullish functionality.

This is yet again bullish pattern to evidence spikes above DMAs and EMAs, for now, the uptrend likely to prolong on both leading & lagging indications.

In the recent history, you could very well observe the bullish engulfing pattern has occurred at 1.4842 levels. As a result, you could also figure out the bullish effects thereafter.

This bullish pattern candle still signals the strength in rallies; for now one can expect more upswings on bullish DMA crossover (7DMA crosses above 21DMA).

Although today’s trend seems to be little edgy as it is heading towards a stiff resistance at 1.4984-1.5007 levels. But bullish sentiments have been robust on healthy major uptrend amid minor hic-ups.

RSI on daily terms shows upward convergence to the price rallies. While stochastic curves have been little indecisive at and near overbought territory (on daily and monthly charts) but in bullish favor.

Lagging indicators have been absolutely signaling the extension of the bullish trend in daily terms. 7DMA crossed above 21DMA which is again a bullish indication, while same has been the case on EMAs on monthly terms.

To substantiate this buying sentiment, MACD also indicates upswings to prolong further on daily time frames. Overall, both minor and major trends have been bullish; hence, accumulate rallies on every dip perceiving them as a buying opportunity unless a dramatic signal arises.

When the research is so certain, one can capitalize on buzzing rallies that lures levered instruments such as one-touch binary call options through which the successful trade results can fetch you magnified and exponential yields than spot FX. Hence, buy one touch binary call option on every dip, as the underlying spot FX keeps rising one can rest assured with 8-10x returns.

Currency Strength Index: FxWirePro's hourly EUR spot index has turned into 28 (which is bullish), while hourly CAD spot index was at -36 (bearish) at 10:32 GMT. For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex.

FxWirePro launches Absolute Return Managed Program. For more details, visit: 

http://www.fxwirepro.com/invest