EUR/CAD – 1H – SELLThe combination Euro/Canadian Dollar (EUR/CAD) moves from the descending trendline down.
A continuation of the downward movement downwards to the next support line at 1.59889 will continue.
Caution: A possible reversal of the trend in the direction of resistance at 1.60271 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Last Engulfing Top’ chart pattern is detected. The candles form ‘Last Engulfing Top’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Last Engulfing Top’ heading down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.61186 |
| 2nd High | 1.60382 |
| Next High | 1.60271 |
| Current Price | 1.59679 |
| Next Low | 1.59889 |
| 2nd Low | 1.59654 |
| 3rd Low | 1.59351 |
1.60271 – 1.60382 – 1.60235 – 1.59889 – 1.59929 – 1.59654 —
1.59865 – 1.59701 —
31.818608955839 – 31.812656299789 —
– —
1.60271 – 1777273200
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Last Engulfing Top – – – – – – – – –