EUR/CAD – 1H – SELL

The combination Euro/Canadian Dollar (EUR/CAD) moves from the bullish trendline downwards

The bearish trend down to the next support line at 1.6175 is expected.

Caution: A possible reversal of the trend in the direction of resistance at 1.62691 could occur.
Consider stop-loss settings accordingly.

Moreover a ‘MACD crosses below signal’ indicator signal is existing. The indicator shows ‘MACD crosses below signal’. which is often a bearish chart signal. The pair is likely to go down.

Moreover a ‘Resistance Level’ indicator layout is discovered. The indicator shows ‘Resistance Level’. which is often a bearish chart signal. The currency pair is likely to fall.

Correction of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend is expected. Target of the current trend is 1.6208896 at the Fibonacci level 0.79-Level. Caution: A possible reversal of the trend in the direction of the support level at 1.62691 could occur.
Consider stop-loss settings accordingly.

Moreover a ‘Three Outside Down’ candlestick chart pattern is discovered. The candles form ‘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 chance of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).

1.62691 – 1.62334 – 1.63095 – 1.6175 – 1.61791 – 1.61831 —
1.62523 – 1.62792 —
63.095892344217 – 73.388748206103 —
– —
1.62691 – 1763672400

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down – Double top chart pattern – – – –