EUR/CAD – 1H – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) moves from the ascending trendline down.
A bearish trend downwards to the next support level at 1.49301 will continue.
Caution: A possible change in the direction of the resistance level at 1.50475 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bearish Engulfing’ candle pattern is detected. The candles show ‘Bearish Engulfing’. this is a bearish 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 ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.51696 |
| 2nd High | 1.51400 |
| Next High | 1.50475 |
| Current Price | 1.50401 |
| Next Low | 1.49301 |
| 2nd Low | 1.48347 |
| 3rd Low | 1.48205 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing