EUR/CAD – 1H – SELLThe pair Euro/Canadian Dollar (EUR/CAD) moves from the bearish trendline downwards
A continuation of the downward movement down to the next support level at 1.48022 is likely expected.
Caution: A possible change in the direction of resistance at 1.48465 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Bearish Engulfing’ candlestick pattern is found. The candles show ‘Bearish Engulfing’. 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 likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49400 |
| 2nd High | 1.49251 |
| Next High | 1.48465 |
| Current Price | 1.48360 |
| Next Low | 1.48022 |
| 2nd Low | 1.47911 |
| 3rd Low | 1.47595 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing