EUR/CAD – 1H – SELLThe combination Euro/Canadian Dollar (EUR/CAD) jumps from the ascending trendline down.
The bearish trend down to the next support line at 1.56944 will continue.
Caution: A possible trend reversal in the direction of the resistance zone at 1.59602 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Two Crows’ candle chart pattern is existing. The candles show ‘Two Crows’. which is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Two Crows’ heading down is 54% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.59602 |
| Current Price | 1.57257 |
| Next Low | 1.56944 |
| 2nd Low | 1.56714 |
| 3rd Low | 1.54067 |
1.59602 – 1.58012 – 1.58520 – 1.58562 – 1.56944 – 1.56714