EUR/CAD – 1H – SELLThe combination Euro/Canadian Dollar (EUR/CAD) goes from the bearish trendline down.
A continuation of the downtrend downwards to the next support at 1.47177 is certain.
Caution: A possible reversal of the trend in the direction of the resistance level at 1.48587 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Bearish Engulfing’ candle chart pattern is detected. The candles form ‘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’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49263 |
| 2nd High | 1.48896 |
| Next High | 1.48587 |
| Current Price | 1.47799 |
| Next Low | 1.47177 |
| 2nd Low | 1.44868 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing