EUR/CAD – 30M – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the bullish trendline downwards
A descending movement downwards to the next support line at 1.47224 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.47827 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is considered certain. Current target is 1.47224 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the support zone 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 ‘Three Line Strike – Bearish’ candlestick chart pattern is detected. The chart forms ‘Three Line Strike – Bearish’. this is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Line Strike – Bearish’ going down is 84% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48246 |
| 2nd High | 1.48188 |
| Next High | 1.47827 |
| Current Price | 1.47373 |
| Next Low | 1.47224 |
| 2nd Low | 1.47177 |
| 3rd Low | 1.45943 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Line Strike – Bearish