EUR/CAD – 30M – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) moves from the descending trendline downwards
A continuation of the downtrend down to the next support level at 1.47226 is certain.
Caution: A possible trend reversal in the direction of resistance at 1.48188 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is certain. Current target is 1.47735 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of support at 1.48188 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Bearish Engulfing’ candle chart pattern is discovered. The candles form ‘Bearish Engulfing’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48587 |
| 2nd High | 1.48246 |
| Next High | 1.48188 |
| Current Price | 1.47911 |
| Next Low | 1.47226 |
| 2nd Low | 1.47224 |
| 3rd Low | 1.47177 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing