EUR/CAD – 1H – SELL

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

A continuation of the bearish trend down to the next support line at 1.56676 is expected.

Caution: A possible trend reversal in the direction of the resistance zone at 1.57175 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.

Additionally a ‘Three Outside Down’ candlestick pattern is detected. The candles show ‘Three Outside Down’. which is a negative pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

1.57175 – 1.57937 – 1.58343 – 1.56676 – 1.56663 – 1.5751 —
1.56934 – 1.57003 —
45.821161220787 – 49.970496299996 —
– —
1.57175 – 1773324000

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down – – – – – – – – –