EUR/CAD – 1H – SELLThe combination Euro/Canadian Dollar (EUR/CAD) jumps from the bearish trendline down.
A continuation of the downtrend downwards to the next support line at 1.48730 is likely expected.
Caution: A possible reversal of the trend in the direction of resistance at 1.49734 should always be considered.
Consider stop-loss settings accordingly.
Moreover a ‘Three Line Strike – Bearish’ candlestick chart pattern is discovered. The chart forms ‘Three Line Strike – Bearish’. which is a negative signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Line Strike – Bearish’ heading down is 84% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49996 |
| 2nd High | 1.49907 |
| Next High | 1.49734 |
| Current Price | 1.48314 |
| Next Low | 1.48730 |
| 2nd Low | 1.47371 |
| 3rd Low | 1.47226 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Line Strike – Bearish