EUR/CAD – 1H – SELLThe combination Euro/Canadian Dollar (EUR/CAD) jumps from the ascending trendline downwards
A bearish descent down to the next support at 1.48986 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 1.49734 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bearish Engulfing’ chart pattern is detected. The candles form ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to fall. 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 | 1.49996 |
| 2nd High | 1.49907 |
| Next High | 1.49734 |
| Current Price | 1.49209 |
| Next Low | 1.48986 |
| 2nd Low | 1.47371 |
| 3rd Low | 1.47226 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing