EUR/CAD – 30M – SELL

The currency pair Euro/Canadian Dollar (EUR/CAD) goes from the ascending trendline down.

A bearish trend down to the next support level at 1.60146 will continue.

Caution: A possible counter-trend in the direction of resistance at 1.60913 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.

Furthermore a ‘Three Outside Down’ candlestick chart pattern is detected. The chart shows ‘Three Outside Down’. which is a negative chart scenario. The currency 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).

1.60631 – 1.60539 – 1.60913 – 1.60146 – 1.59976 – 1.60104

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down – Double top retreat up