EUR/CAD – 30M – SELLThe combination Euro/Canadian Dollar (EUR/CAD) goes from the bearish trendline downwards
A continuation of the downtrend downwards to the next support level at 1.47224 is certain.
Caution: A possible change in the direction of the resistance line at 1.47827 could be enabled.
Consider stop-loss settings accordingly.
Additionally a ‘Bearish Engulfing’ candlestick chart pattern is existing. The chart shows ‘Bearish Engulfing’. which is a bearish 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’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48246 |
| 2nd High | 1.48188 |
| Next High | 1.47827 |
| Current Price | 1.47479 |
| Next Low | 1.47224 |
| 2nd Low | 1.47177 |
| 3rd Low | 1.45943 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing