EUR/CAD – 4H – SELLThe pair Euro/Canadian Dollar (EUR/CAD) jumps from the bullish trendline down.
A bearish descent downwards to the next support level at 1.47224 is certain.
Caution: A possible change in the direction of the resistance line at 1.51696 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Bearish Engulfing’ candlestick pattern is existing. The candles form ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to fall. 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 | |
| 2nd High | |
| Next High | 1.51696 |
| Current Price | 1.49206 |
| Next Low | 1.47224 |
| 2nd Low | 1.44868 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing