EUR/CAD – 1H – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the descending trendline downwards
A continuation of the bearish trend downwards to the next support at 1.60262 will continue.
Caution: A possible counter-trend in the direction of the resistance zone at 1.61434 could happen.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Three Outside Down’ candle pattern is found. The candles show ‘Three Outside Down’. which 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 ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.62247 |
| Next High | 1.61434 |
| Current Price | 1.60935 |
| Next Low | 1.60262 |
| 2nd Low | 1.59283 |
| 3rd Low | 1.59114 |
1.60819 – 1.61434 – 1.62247 – 1.60262 – 1.60272 – 1.60854 — 55.892657900245 – 53.559736935919 — 67.311035185518 – 47.994964934364 – 53.36570161242 – 58.904273811665
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down – Triple bottom chart pattern – –