EUR/CAD – 1H – BUYThe pair Euro/Canadian Dollar (EUR/CAD) goes from the bullish trendline down.
A bearish trend down to the next support line at 1.49090 will persist.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.50501 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend broke through the Fibonacci 0.5-Level.Continuation of the current descending trend will persist. Current target is 1.49126286 at the Fibonacci level 0.79-Level. Caution: A possible reversal of the trend in the direction of the support level at 1.50501 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Two Crows’ candlestick chart pattern is discovered. The candles show ‘Two Crows’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Two Crows’ going down is 54% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.50590 |
| Next High | 1.50501 |
| Current Price | 1.49280 |
| Next Low | 1.49090 |
| 2nd Low | 1.48752 |
| 3rd Low | 1.48347 |