EUR/CAD – 1H – SELL

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

A continuation of the downtrend down to the next support at 1.61126 is considered certain.

Caution: A possible reversal of the trend in the direction of resistance at 1.61823 is within the realm of possibility.
Consider stop-loss settings accordingly.

Next a ‘Exponential Moving Average 200 (EMA 200)’ indicator layout is detected. The indicator is ‘Exponential Moving Average 200 (EMA 200)’. which is often a bearish chart scenario. The pair is likely to go down.

Next a ‘Support Level’ indicator layout is detected. The indicator shows ‘Support Level’. which could be a negative chart signal. The currency pair could go down.

Next a ‘Three Outside Down’ chart pattern is detected. The chart forms ‘Three Outside Down’. which is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

1.61823 – 1.61874 – 1.61981 – 1.61126 – 1.61408 – 1.61599 —
1.61534 – 1.61680 —
54.713846142048 – 58.700263486644 —
– —
1.61823 – 1768474800

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down – Double top retreat up – – – – – – – –