EUR/CAD – 30M – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the bearish trendline down.
A continuation of the downward movement down to the next support at 1.47911 is certain.
Caution: A possible trend reversal in the direction of the resistance level at 1.48443 could happen.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Tweezers Top’ chart pattern is found. The candles form ‘Tweezers Top’. this is a bearish 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 ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49251 |
| 2nd High | 1.48597 |
| Next High | 1.48443 |
| Current Price | 1.48225 |
| Next Low | 1.47911 |
| 2nd Low | 1.47687 |
| 3rd Low | 1.47595 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Tweezers Top