EUR/CAD – 4H – SELLThe combination Euro/Canadian Dollar (EUR/CAD) moves from the ascending trendline downwards
A bearish movement down to the next support level at 1.48205 is considered certain.
Caution: A possible change in the direction of the resistance level at 1.51696 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bearish Engulfing’ chart pattern is discovered. The candles show ‘Bearish Engulfing’. this is a bearish chart scenario. 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 | |
| 2nd High | |
| Next High | 1.51696 |
| Current Price | 1.50263 |
| Next Low | 1.48205 |
| 2nd Low | 1.47224 |
| 3rd Low | 1.44868 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing