Dear Fellow Traders,

I do have another bullish signal from another Canadian Dollar pair- EUR/CAD.

There is a bullish engulfing pattern, which has formed on the Daily time frame. This pattern appears just above the 1.4000, which is a major support level and a psychological barrier, as well, which gives the signal even more significance. I do expect to see a little retracement of the price down to the level of 1.4150-1.4200, which is a major buying zone marked by the middle of the Daily bullish candle and also a congestion area from the lower timeframes (4 Hours). All long orders around this area should be followed by a stop just below the nearest swing low of the bullish engulfing candlestick formation at 1.4080.

Happy Trading,

Colibri Trader

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