EUR/CAD – 4H – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) jumps from the ascending trendline down.
A bearish trend downwards to the next support level at 1.49090 will continue.
Caution: A possible counter-trend in the direction of the resistance zone at 1.50115 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend broke the Fibonacci 0.24-Level.Continuation of the current descending trend will continue. Target of the current trend is 1.48907 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the support level at 1.50115 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Two Crows’ chart pattern is detected. The candles form ‘Two Crows’. 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 chance of ‘Two Crows’ going down is 54% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.50590 |
| Next High | 1.50115 |
| Current Price | 1.49280 |
| Next Low | 1.49090 |
| 2nd Low | 1.48752 |
| 3rd Low | 1.48205 |