EUR/CAD – 1H – SELL

The currency pair Euro/Canadian Dollar (EUR/CAD) moves from the descending trendline down.

A continuation of the downward movement down to the next support level at 1.56118 is certain.

Caution: A possible counter-trend in the direction of the resistance level at 1.57128 is within the realm of possibility.
Consider stop-loss settings accordingly.

Next a ‘StochRSI %K falls below 0.8’ indicator layout is detected. The indicator is ‘StochRSI %K falls below 0.8’. this is usually a bearish chart scenario. The currency pair could go down.

Next a ‘Support Level’ indicator layout is found. The indicator shows ‘Support Level’. which could be a negative signal. The pair is likely to go down.

Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is certain. Current target is 1.56118 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of the support level at 1.57128 is within the realm of possibility.
Consider stop-loss settings accordingly.

Next a ‘Three Black Crows’ candlestick pattern is found. The candles show ‘Three Black Crows’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Black Crows’ heading down is 82%.

1.57128 – 1.57175 – 1.57937 – 1.56676 – 1.56663 – 1.5751 —
1.57071 – 1.56954 —
52.295938790966 – 37.487374825629 —
– —
1.57128 – 1773363600

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Black Crows – Rising Wedge Chart Pattern – – – – – – – –