EUR/CAD – 30M – BUYThe combination Euro/Canadian Dollar (EUR/CAD) moves from the bearish trendline downwards
A continuation of the bearish trend down to the next support at 1.48150 will continue.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.48465 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Three Outside Down’ candlestick pattern is detected. The candles form ‘Three Outside Down’. 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 ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49251 |
| 2nd High | 1.48597 |
| Next High | 1.48465 |
| Current Price | 1.48360 |
| Next Low | 1.48150 |
| 2nd Low | 1.48022 |
| 3rd Low | 1.47911 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down