EUR/CAD – 4H – SELL

The combination Euro/Canadian Dollar (EUR/CAD) jumps from the bullish trendline down.

A descending movement down to the next support at 1.60602 is expected.

Caution: A possible counter-trend in the direction of the resistance level at 1.61791 is also possible.
Please make appropriate stop-loss settings in the case of a trade.

Then a ‘Exponential Moving Average 100 (EMA 100)’ indicator signal is found. The indicator is ‘Exponential Moving Average 100 (EMA 100)’. which could be a negative chart scenario. The pair is likely to go down.

Then a ‘Support Level’ indicator signal is discovered. The indicator is ‘Support Level’. which could be a negative chart signal. The pair is likely to go down.

Correction of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend is expected. Target of the current trend is 1.60932416 at the Fibonacci level 0.79-Level. Caution: A possible counter-trend in the direction of the support line at 1.61791 is also possible.
Please make appropriate stop-loss settings in the case of a trade.

Then a ‘Three Outside Down’ candle pattern is existing. The chart forms ‘Three Outside Down’. which is a negative signal. The 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).

1.61355 – 1.61791 – 1.62146 – 1.60602 – 1.61298 – 1.61281 —
1.61010 – 1.61535 —
44.409049038692 – 60.626920953252 —
– —
1.61355 – 1767024000

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down – Double bottom chart pattern – – – – – – – –