EUR/CAD – 30M – SELL

The currency pair Euro/Canadian Dollar (EUR/CAD) jumps from the ascending trendline downwards

A bearish descent downwards to the next support at 1.628 will persist.

Caution: A possible trend reversal in the direction of the resistance level at 1.63154 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.

Moreover a ‘MACD crosses below signal’ indicator layout is detected. The indicator is ‘MACD crosses below signal’. which could be a negative chart scenario. The currency pair is likely to fall.

Moreover a ‘Resistance Level’ indicator signal is discovered. The indicator shows ‘Resistance Level’. which is often a bearish signal. The currency pair is likely to fall.

Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend will persist. Target of the current trend is 1.629025 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support zone at 1.63154 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.

Moreover a ‘Collapsing Doji Star’ candlestick pattern is discovered. The chart forms ‘Collapsing Doji Star’. 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 probability of ‘Collapsing Doji Star’ going down is 63% (Bull Market).

1.63154 – 1.6334 – 1.62635 – 1.628 – 1.62972 – 1.62522 —
1.63028 – 1.63105 —
49.758958330137 – 52.827952900494 —
– —
1.63154 – 1764144000

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Collapsing Doji Star – Double bottom chart pattern – – – – – – – –