EUR/CAD – 30M – SELLThe combination Euro/Canadian Dollar (EUR/CAD) moves from the bullish trendline down.
A bearish descent down to the next support at 1.62049 is certain.
Caution: A possible change in the direction of resistance at 1.62575 should always be considered.
Consider stop-loss settings accordingly.
In addition a ‘Resistance Level’ indicator signal is found. The indicator is ‘Resistance Level’. this is usually a bearish chart scenario. The pair is likely to go down.
Correction of the major bullish trend broke through the Fibonacci 0.24-Level.Continuation of the current descending trend is certain. Target of the current trend is 1.622775 at the Fibonacci level 0.5-Level. Caution: A possible change in the direction of support at 1.62575 should always be considered.
Consider stop-loss settings accordingly.
In addition a ‘Three Outside Down’ candle pattern is discovered. The chart forms ‘Three Outside Down’. which is a bearish chart scenario. The currency 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 | |
| Next High | 1.62575 |
| Current Price | 1.62299 |
| Next Low | 1.62049 |
| 2nd Low | 1.6198 |
| 3rd Low | 1.61787 |
1.62434 – 1.62575 – 1.62474 – 1.62049 – 1.6198 – 1.62041 — 57.332865164454 – 51.745597870241 — 88.267374161692 – 69.667379074852 – 83.875733266994 – 85.427110907619
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down – Triple top chart pattern – –