EUR/CAD – 4H – SELLThe combination Euro/Canadian Dollar (EUR/CAD) goes from the bearish trendline down.
A continuation of the downtrend downwards to the next support line at 1.49090 is certain.
Caution: A possible reversal of the trend in the direction of resistance at 1.50501 could happen.
Consider stop-loss settings accordingly.
Besides a ‘Bearish Engulfing’ candlestick chart pattern is detected. The candles show ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.50590 |
| Next High | 1.50501 |
| Current Price | 1.48792 |
| Next Low | 1.49090 |
| 2nd Low | 1.48752 |
| 3rd Low | 1.48205 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing