EUR/CAD – 1H – SELLThe combination Euro/Canadian Dollar (EUR/CAD) moves from the bearish trendline down.
A continuation of the downward movement down to the next support at 1.48752 is likely expected.
Caution: A possible reversal of the trend in the direction of resistance at 1.50059 is within the realm of possibility.
Consider stop-loss settings accordingly.
Also there is a ‘Three Black Crows’ candlestick chart pattern is detected. The chart forms ‘Three Black Crows’. 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 success rate of a ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50590 |
| 2nd High | 1.50179 |
| Next High | 1.50059 |
| Current Price | 1.49754 |
| Next Low | 1.48752 |
| 2nd Low | 1.48347 |
| 3rd Low | 1.48205 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Black Crows