EUR/CAD – 4H – SELLThe combination Euro/Canadian Dollar (EUR/CAD) jumps from the ascending trendline down.
A descent down to the next support at 1.49090 is expected.
Caution: A possible trend reversal in the direction of the resistance level at 1.50115 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Shooting Star’ candle pattern is discovered. The chart shows ‘Shooting Star’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Shooting Star’ going down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.50590 |
| Next High | 1.50115 |
| Current Price | 1.50011 |
| Next Low | 1.49090 |
| 2nd Low | 1.48752 |
| 3rd Low | 1.48205 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Shooting Star