EUR/CAD – 1H – SELL

The combination Euro/Canadian Dollar (EUR/CAD) moves from the bearish trendline down.

A continuation of the downward movement down to the next support line at 1.60899 is likely expected.

Caution: A possible counter-trend in the direction of resistance at 1.61783 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.

Next a ‘Exponential Moving Average 50 (EMA 50)’ indicator layout is discovered. The indicator shows ‘Exponential Moving Average 50 (EMA 50)’. which could be a negative chart signal. The currency pair is likely to fall.

Next a ‘Resistance Level’ indicator layout is found. The indicator shows ‘Resistance Level’. which could be a negative chart signal. The currency pair could go down.

Correction of the major bullish trend broke through the Fibonacci 0.5-Level.Continuation of the current descending trend is likely expected. Target of the current trend is 1.6113868 at the Fibonacci level 0.79-Level. Caution: A possible counter-trend in the direction of support at 1.61783 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.

Next a ‘Southern Doji’ chart pattern is detected. The chart forms ‘Southern Doji’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Southern Doji’ going up is 51% (Bull Market) & 52% (Bear Market).

1.61783 – 1.61468 – 1.61636 – 1.60899 – 1.60978 – 1.61016 —
1.61600 – 1.61591 —
64.792412271448 – 60.63728602206 —
– —
1.61783 – 1770922800

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Southern Doji – Head and Shoulder chart pattern – – – – – – – –