EUR/CAD – 30M – SELLCorrection of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is likely expected. Target of the current trend is 1.47224 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of support at 1.47827 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Bearish Engulfing’ chart pattern is detected. The chart forms ‘Bearish Engulfing’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48246 |
| 2nd High | 1.48188 |
| Next High | 1.47827 |
| Current Price | 1.47380 |
| Next Low | 1.47224 |
| 2nd Low | 1.47177 |
| 3rd Low | 1.45943 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing