EUR/CAD – 30M – SELL

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

A bearish descent downwards to the next support level at 1.6002 will continue.

Caution: A possible trend reversal in the direction of resistance at 1.60566 could occur.
In case of a trade, appropriate stop-loss settings should be considered.

Moreover a ‘Bearish Engulfing’ candlestick chart pattern is found. The candles show ‘Bearish Engulfing’. which is a negative chart scenario. The 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%.

1.60566 – 1.60433 – 1.60286 – 1.6002 – 1.60156 – 1.60022 —
1.60352 – 1.60635 —
61.645061939177 – 74.0119211122 —
– —
1.60566 – 1778176800

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