EUR/CAD – 1H – SELLThe pair Euro/Canadian Dollar (EUR/CAD) jumps from the ascending trendline downwards
A descending movement down to the next support at 1.61434 is certain.
Caution: A possible trend reversal in the direction of the resistance level at 1.62103 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is certain. Current target is 1.615745 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support level at 1.62103 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Collapsing Doji Star’ candle chart pattern is detected. The chart shows ‘Collapsing Doji Star’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Collapsing Doji Star’ heading down is 63% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.62714 |
| 2nd High | 1.62146 |
| Next High | 1.62103 |
| Current Price | 1.61806 |
| Next Low | 1.61434 |
| 2nd Low | 1.61185 |
| 3rd Low | 1.61046 |
1.61728 – 1.62103 – 1.61666 – 1.61434 – 1.6146 – 1.61185 —
1.61716 – 1.61881 —
48.284190211389 – 65.338116369903 —
– —
1.61728 – 1767934800
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Collapsing Doji Star – Inverse Head and Shoulder chart pattern – – – – – – – –