EUR/CAD – 30M – SELLThe combination Euro/Canadian Dollar (EUR/CAD) jumps from the descending trendline down.
A continuation of the downward movement downwards to the next support level at 1.59283 is likely expected.
Caution: A possible trend reversal in the direction of the resistance zone at 1.60342 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Support Level’ indicator signal is existing. The indicator shows ‘Support Level’. which is often a bearish signal. The pair is likely to go down.
Besides a ‘Collapsing Doji Star’ chart pattern is existing. The candles form ‘Collapsing Doji Star’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Collapsing Doji Star’ heading down is 63% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.61086 |
| 2nd High | 1.60486 |
| Next High | 1.60342 |
| Current Price | 1.60147 |
| Next Low | 1.59283 |
| 2nd Low | 1.59114 |
| 3rd Low | 1.58741 |
1.60342 – 1.60486 – 1.60428 – 1.59283 – 1.60261 – 1.60168
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Collapsing Doji Star –