EUR/CAD – 4H – SELL

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

A descending movement down to the next support at 1.61738 is likely expected.

Caution: A possible trend reversal in the direction of the resistance zone at 1.63406 could occur.
Consider stop-loss settings accordingly.

Next a ‘MACD crosses below signal’ indicator layout is found. The indicator shows ‘MACD crosses below signal’. which could be a negative chart signal. The currency pair could go down.

Next a ‘Resistance Level’ indicator signal is discovered. The indicator shows ‘Resistance Level’. this is usually a bearish chart 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 is likely expected. Current target is 1.623975 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support line at 1.63406 could occur.
Consider stop-loss settings accordingly.

Next a ‘Matching Low’ candlestick chart pattern is existing. The candles show ‘Matching Low’. this is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ going up is 61% (Bull & Bear Market).

1.63406 – 1.62557 – 1.63127 – 1.61738 – 1.61926 – 1.61389 —
1.62821 – 1.63168 —
59.814060857517 – 54.44461728223 —
– —
1.63406 – 1763064000

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Matching Low – – – – – – – – –