EUR/CAD – 30M – SELLThe combination Euro/Canadian Dollar (EUR/CAD) goes from the bullish trendline down.
A descending movement downwards to the next support level at 1.47766 is likely expected.
Caution: A possible change in the direction of the resistance line at 1.47942 could be enabled.
Consider stop-loss settings accordingly.
In addition a ‘Evening Star’ candlestick chart pattern is existing. The chart forms ‘Evening Star’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Evening Star’ going down is 72% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48896 |
| 2nd High | 1.48587 |
| Next High | 1.47942 |
| Current Price | 1.47857 |
| Next Low | 1.47766 |
| 2nd Low | 1.47492 |
| 3rd Low | 1.47177 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Evening Star