EUR/CAD – 30M – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) jumps from the descending trendline down.
A continuation of the downtrend down to the next support at 1.47750 will persist.
Caution: A possible trend reversal in the direction of resistance at 1.48246 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bearish Engulfing’ candle pattern is existing. The candles show ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48896 |
| 2nd High | 1.48587 |
| Next High | 1.48246 |
| Current Price | 1.48078 |
| Next Low | 1.47750 |
| 2nd Low | 1.47492 |
| 3rd Low | 1.47177 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing