EUR/CAD – 1H – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) moves from the bullish trendline downwards
A bearish trend downwards to the next support line at 1.48347 is certain.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.50590 should always be considered.
Consider stop-loss settings accordingly.
In addition a ‘Bearish Engulfing’ candlestick chart pattern is found. The candles form ‘Bearish Engulfing’. which 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 probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.51696 |
| 2nd High | 1.51400 |
| Next High | 1.50590 |
| Current Price | 1.49209 |
| Next Low | 1.48347 |
| 2nd Low | 1.48205 |
| 3rd Low | 1.47371 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing