EUR/CAD – 30M – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the descending trendline down.
A continuation of the downward movement downwards to the next support at 1.62049 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 1.62681 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Resistance Level’ indicator signal is found. The indicator is ‘Resistance Level’. which could be a negative signal. The currency pair could go down.
Then a ‘Three Outside Down’ chart pattern is found. The chart forms ‘Three Outside Down’. this is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.62681 |
| Current Price | 1.62314 |
| Next Low | 1.62049 |
| 2nd Low | 1.6198 |
| 3rd Low | 1.61787 |
1.62681 – 1.62434 – 1.62575 – 1.62049 – 1.6198 – 1.62041 — 51.489238700482 – 51.42779522094 — 37.607379322251 – 25.475745438362 – 43.192498340446 – 35.992018129375
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down – – –