EUR/CAD – 4H – SELLThe pair Euro/Canadian Dollar (EUR/CAD) jumps from the bullish trendline downwards
A descending movement downwards to the next support line at 1.48752 will continue.
Caution: A possible counter-trend in the direction of the resistance level at 1.50590 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Three Outside Down’ candle pattern is detected. The chart forms ‘Three Outside Down’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.51696 |
| Next High | 1.50590 |
| Current Price | 1.49234 |
| Next Low | 1.48752 |
| 2nd Low | 1.48205 |
| 3rd Low | 1.47224 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down