EUR/CAD – 4H – SELLThe combination Euro/Canadian Dollar (EUR/CAD) jumps from the bullish trendline downwards
The bearish trend down to the next support line at 1.48205 is expected.
Caution: A possible trend reversal in the direction of resistance at 1.49734 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend broke the Fibonacci 0-Level.Continuation of the current descending trend is expected. Target of the current trend is 1.48585624 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of support at 1.49734 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Three Black Crows’ chart pattern is detected. The chart forms ‘Three Black Crows’. 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 ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.51696 |
| Next High | 1.49734 |
| Current Price | 1.48784 |
| Next Low | 1.48205 |
| 2nd Low | 1.47224 |
| 3rd Low | 1.44868 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Black Crows