EUR/CAD – 1H – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) jumps from the descending trendline downwards
A continuation of the downtrend downwards to the next support at 1.44868 is expected.
Caution: A possible change in the direction of the resistance line at 1.46340 should always be considered.
Consider stop-loss settings accordingly.
Besides a ‘Bearish Engulfing’ candlestick chart pattern is existing. The chart shows ‘Bearish Engulfing’. this is a bearish 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 ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48896 |
| 2nd High | 1.46554 |
| Next High | 1.46340 |
| Current Price | 1.45957 |
| Next Low | 1.44868 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing