Autochartist recently identified the clear triangle chart pattern on the EUR/CAD charts. The overall quality of this chart pattern is measured at the 6-bar level – which is the result of the slow initial trend (3 bars), above-average uniformity (6-bars) and substantial clarity (8 bars).
Higher clarity reflects the strength of the price impulses between the upper and lower trendlines of this triangle. EUR/CAD is expected to rise inside this chart pattern in the coming trading sessions.
As can be seen from the following chart – the upper boundary of the daily expected price range calculated for this currency pair (1.4753) nearly coincides with the upper resistance trendline of the aforementioned triangle – which adds to the probability EUR/CAD will continue to rise tomorrow.
