EUR/CAD – 1H – SELLThe combination Euro/Canadian Dollar (EUR/CAD) goes from the bullish trendline down.
A descending movement down to the next support line at 1.47595 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance level at 1.48941 should always be considered.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is considered certain. Target of the current trend is 1.48251788 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of the support level at 1.48941 should always be considered.
Consider stop-loss settings accordingly.
Then a ‘Last Engulfing Top’ candlestick chart pattern is existing. The candles show ‘Last Engulfing Top’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Last Engulfing Top’ going down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49791 |
| 2nd High | 1.49362 |
| Next High | 1.48941 |
| Current Price | 1.48529 |
| Next Low | 1.47595 |
| 2nd Low | 1.47371 |
| 3rd Low | 1.47226 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Last Engulfing Top