EUR/CAD – 4H – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the descending trendline down.
A continuation of the downtrend down to the next support level at 1.60602 will continue.
Caution: A possible counter-trend in the direction of resistance at 1.61355 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘%K crosses below %D’ indicator layout is existing. The indicator is ‘%K crosses below %D’. this is usually a bearish chart scenario. The currency pair is likely to fall.
Then a ‘Matching Low’ chart pattern is existing. The candles form ‘Matching Low’. which is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.62146 |
| 2nd High | 1.61791 |
| Next High | 1.61355 |
| Current Price | 1.61498 |
| Next Low | 1.60602 |
| 2nd Low | 1.59283 |
| 3rd Low | 1.56444 |
1.61355 – 1.61791 – 1.62146 – 1.60602 – 1.61298 – 1.61281 —
1.61426 – 1.61663 —
59.66644400893 – 64.533284781468 —
– —
1.61355 – 1767024000
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Matching Low – Double bottom retreat down – – – – – – – –