EUR/CAD – 30M – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the descending trendline downwards
A continuation of the downtrend down to the next support line at 1.49205 will continue.
Caution: A possible counter-trend in the direction of the resistance line at 1.49633 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Bearish Engulfing’ chart pattern is detected. The chart forms ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49907 |
| 2nd High | 1.49734 |
| Next High | 1.49633 |
| Current Price | 1.49508 |
| Next Low | 1.49205 |
| 2nd Low | 1.48758 |
| 3rd Low | 1.48347 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing