EUR/CAD – 1H – SELLThe combination Euro/Canadian Dollar (EUR/CAD) jumps from the ascending trendline downwards
The bearish trend downwards to the next support at 1.48371 will continue.
Caution: A possible trend reversal in the direction of the resistance line at 1.48896 is also possible.
Consider stop-loss settings accordingly.
Correction of the major bullish trend broke through the Fibonacci 0.24-Level.Continuation of the current descending trend will continue. Current target is 1.48003 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support line at 1.48896 is also possible.
Consider stop-loss settings accordingly.
Additionally a ‘Three Black Crows’ candle pattern is existing. The candles form ‘Three Black Crows’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49907 |
| 2nd High | 1.49263 |
| Next High | 1.48896 |
| Current Price | 1.48387 |
| Next Low | 1.48371 |
| 2nd Low | 1.47110 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Black Crows