EUR/CAD – 1H – SELL

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

A continuation of the bearish trend downwards to the next support level at 1.56118 is likely expected.

Caution: A possible counter-trend in the direction of the resistance zone at 1.58798 could occur.
Please make appropriate stop-loss settings in the case of a trade.

Additionally a ‘Bearish Engulfing’ candle pattern is detected. The chart forms ‘Bearish Engulfing’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.

1.58798 – 1.59276 – 1.60421 – 1.56118 – 1.58123 – 1.58436 —
1.56848 – 1.57380 —
35.492764378297 – 54.177898436289 —
– —
1.58798 – 1772737200

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