EUR/CAD – 30M – SELLThe pair Euro/Canadian Dollar (EUR/CAD) goes from the bearish trendline downwards
A continuation of the downward movement down to the next support level at 1.47110 is considered certain.
Caution: A possible counter-trend in the direction of resistance at 1.48032 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bearish Engulfing’ chart pattern is detected. The chart forms ‘Bearish Engulfing’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48585 |
| 2nd High | 1.48422 |
| Next High | 1.48032 |
| Current Price | 1.47345 |
| Next Low | 1.47110 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing