EUR/CAD – 4H – SELL

The combination Euro/Canadian Dollar (EUR/CAD) goes from the bearish trendline downwards

A continuation of the bearish trend down to the next support level at 1.47224 is considered certain.

Caution: A possible reversal of the trend in the direction of the resistance line at 1.50501 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.

Correction of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend is considered certain. Target of the current trend is 1.47944324 at the Fibonacci level 0.79-Level. Caution: A possible reversal of the trend in the direction of the support line at 1.50501 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.

Additionally a ‘Three Outside Down’ candle chart pattern is detected. The chart shows ‘Three Outside Down’. this 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 likelyhood of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

Download EUR/CAD Signal Image

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down