The combination Euro/Canadian Dollar (EUR/CAD) jumps from the descending trendline downwards
A continuation of the downtrend down to the next support at 1.47422 will persist.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.48563 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Deliberation’ candlestick pattern is detected. The chart shows ‘Deliberation’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Deliberation’ going down is 77% (Bull Market) & 75% (Bear Market).
Support & Resistance | Price Range* |
---|---|
3rd High | 1.49251 |
2nd High | 1.48597 |
Next High | 1.48563 |
Current Price | 1.47801 |
Next Low | 1.47422 |
2nd Low | 1.47371 |
3rd Low | 1.47226 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Deliberation