EUR/CAD – 1H – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the ascending trendline down.
A bearish descent downwards to the next support line at 1.48319 will continue.
Caution: A possible change in the direction of the resistance level at 1.49251 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bearish Engulfing’ candle pattern is found. The chart forms ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49791 |
| 2nd High | 1.49400 |
| Next High | 1.49251 |
| Current Price | 1.48356 |
| Next Low | 1.48319 |
| 2nd Low | 1.47595 |
| 3rd Low | 1.47371 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing