EUR/CAD – 4H – SELLThe pair Euro/Canadian Dollar (EUR/CAD) moves from the bullish trendline down.
A bearish movement downwards to the next support level at 1.48752 will persist.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.50590 should be noted.
Consider stop-loss settings accordingly.
In addition a ‘Three Outside Down’ candlestick chart pattern is existing. The candles form ‘Three Outside Down’. which is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.51696 |
| Next High | 1.50590 |
| Current Price | 1.49242 |
| Next Low | 1.48752 |
| 2nd Low | 1.48205 |
| 3rd Low | 1.47224 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down