EUR/CAD – 30M – SELL

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

A continuation of the downtrend down to the next support level at 1.58123 is expected.

Caution: A possible counter-trend in the direction of the resistance line at 1.58798 should be noted.
Please make appropriate stop-loss settings in the case of a trade.

There is also a ‘Bearish Engulfing’ chart pattern is discovered. The candles form ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.

1.58798 – 1.58682 – 1.59276 – 1.58123 – 1.58535 – 1.58436 —
1.58408 – 1.57941 —
28.618528086236 – 15.308768423678 —
– —
1.58798 – 1772739000

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing – – – – – – – – –