EUR/CAD – 4H – SELLThe combination Euro/Canadian Dollar (EUR/CAD) jumps from the bullish trendline down.
A bearish descent down to the next support level at 1.48752 is considered certain.
Caution: A possible reversal of the trend in the direction of resistance at 1.50590 could occur.
Consider stop-loss settings accordingly.
And also a ‘Bearish Engulfing’ chart pattern is existing. The chart forms ‘Bearish Engulfing’. which is a negative signal. The pair is likely to go down. 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 | |
| 2nd High | 1.51696 |
| Next High | 1.50590 |
| Current Price | 1.49399 |
| Next Low | 1.48752 |
| 2nd Low | 1.48205 |
| 3rd Low | 1.47224 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing