EUR/CAD – 4H – SELLThe pair Euro/Canadian Dollar (EUR/CAD) moves from the ascending trendline downwards
A bearish movement down to the next support level at 1.47224 is certain.
Caution: A possible trend reversal in the direction of the resistance level at 1.49734 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ candle pattern is found. The chart forms ‘Bearish Engulfing’. this is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.51696 |
| Next High | 1.49734 |
| Current Price | 1.48418 |
| Next Low | 1.47224 |
| 2nd Low | 1.44868 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing