EUR/CAD – 30M – SELL

The combination Euro/Canadian Dollar (EUR/CAD) moves from the descending trendline down.

A continuation of the downtrend downwards to the next support line at 1.59283 will persist.

Caution: A possible trend reversal in the direction of the resistance level at 1.60342 is also possible.
Consider stop-loss settings accordingly.

Next a ‘StochRSI fall below 80’ indicator layout is detected. The indicator is ‘StochRSI fall below 80’. which could be a negative signal. The pair is likely to go down.

Next a ‘Support Level’ indicator layout is found. The indicator shows ‘Support Level’. which is often a bearish signal. The currency pair could go down.

Next a ‘Collapsing Doji Star’ candlestick chart pattern is discovered. The candles form ‘Collapsing Doji Star’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Collapsing Doji Star’ heading down is 63% (Bull Market).

1.60342 – 1.60486 – 1.60428 – 1.59283 – 1.60261 – 1.60168 — 56.899026025821 – 50.91135926601

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Collapsing Doji Star – – –