EUR/CAD – 1H – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the bullish trendline down.
The bearish trend downwards to the next support at 1.44868 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.48896 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is likely expected. Current target is 1.46882 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of support at 1.48896 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Three Black Crows’ candle pattern is existing. The candles form ‘Three Black Crows’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49907 |
| 2nd High | 1.49263 |
| Next High | 1.48896 |
| Current Price | 1.47320 |
| Next Low | 1.44868 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Black Crows