EUR/CAD – 1H – SELLThe pair Euro/Canadian Dollar (EUR/CAD) moves from the ascending trendline down.
A bearish descent downwards to the next support at 1.47224 will persist.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.47827 could occur.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Bearish Engulfing’ candlestick pattern is detected. The chart forms ‘Bearish Engulfing’. which is a bearish pattern signal. 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%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48587 |
| 2nd High | 1.48246 |
| Next High | 1.47827 |
| Current Price | 1.47373 |
| Next Low | 1.47224 |
| 2nd Low | 1.47177 |
| 3rd Low | 1.44868 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing