EUR/CAD – 4H – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) jumps from the bullish trendline down.
A descending movement downwards to the next support level at 1.48752 is considered certain.
Caution: A possible change in the direction of resistance at 1.50590 is within the realm of possibility.
Consider stop-loss settings accordingly.
In addition a ‘Three Outside Down’ candlestick chart pattern is found. The chart shows ‘Three Outside Down’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘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 | 1.49242 |
| Next Low | 1.48752 |
| 2nd Low | 1.48205 |
| 3rd Low | 1.47224 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down