By: Dima Chernovolov
EUR/CAD continues to fall inside the 30-minute Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of Rising Wedge at the 3-bar level – which is the result of the slow Initial Trend (2 bars), low Uniformity (3 bars) and below-average Clarity (4 bars). EUR/CAD is expected to rise further inside this Rising Wedge.
As can be seen from the daily EUR/CAD chart below – the pair earlier reversed up with the 3rd consecutive candlesticks reversal pattern Bullish Engulfing from the key support level 1.4646, intersecting with the lower daily Bollinger Band. The proximity of the support level 1.4646 increases the probability EUR/CAD will continue to rise inside this 30-minute Rising Wedge.