EUR/CAD – 30M – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) jumps from the bullish trendline down.
A descending movement down to the next support at 1.47177 is likely expected.
Caution: A possible counter-trend in the direction of the resistance line at 1.48473 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Evening Star’ chart pattern is discovered. The chart shows ‘Evening Star’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Evening Star’ going down is 72% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48896 |
| 2nd High | 1.48585 |
| Next High | 1.48473 |
| Current Price | 1.48194 |
| Next Low | 1.47177 |
| 2nd Low | 1.45943 |
| 3rd Low | 1.45355 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Evening Star