EUR/CAD – 30M – SELLThe combination Euro/Canadian Dollar (EUR/CAD) jumps from the bullish trendline down.
A bearish trend down to the next support line at 1.49301 is likely expected.
Caution: A possible counter-trend in the direction of the resistance level at 1.49907 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ candle pattern is discovered. The chart forms ‘Bearish Engulfing’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.51400 |
| 2nd High | 1.49996 |
| Next High | 1.49907 |
| Current Price | 1.49817 |
| Next Low | 1.49301 |
| 2nd Low | 1.49205 |
| 3rd Low | 1.48758 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing