EUR/CAD – 30M – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the ascending trendline down.
A bearish trend down to the next support level at 1.60146 will continue.
Caution: A possible counter-trend in the direction of resistance at 1.60913 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Three Outside Down’ candlestick chart pattern is detected. The chart shows ‘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 | |
| 2nd High | |
| Next High | 1.60913 |
| Current Price | 1.60706 |
| Next Low | 1.60146 |
| 2nd Low | 1.59976 |
| 3rd Low | 1.59422 |
1.60631 – 1.60539 – 1.60913 – 1.60146 – 1.59976 – 1.60104
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down – Double top retreat up