The combination Euro/Canadian Dollar (EUR/CAD) goes from the descending trendline downwards
A continuation of the downtrend down to the next support level at 1.47687 will persist.
Caution: A possible counter-trend in the direction of the resistance zone at 1.48428 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bearish Harami’ candle pattern is discovered. The candles form ‘Bearish Harami’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Harami’ heading down is 53% (Bull Market) & 50% (Bear Market).
Support & Resistance | Price Range* |
---|---|
3rd High | 1.48597 |
2nd High | 1.48465 |
Next High | 1.48428 |
Current Price | 1.47831 |
Next Low | 1.47687 |
2nd Low | 1.47595 |
3rd Low | 1.47371 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Harami