EUR/CAD – 1H – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the bearish trendline down.
A continuation of the bearish trend downwards to the next support at 1.47226 is expected.
Caution: A possible reversal of the trend in the direction of resistance at 1.48016 is within the realm of possibility.
Consider stop-loss settings accordingly.
In addition a ‘Bearish Engulfing’ candlestick pattern is found. The chart forms ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48587 |
| 2nd High | 1.48246 |
| Next High | 1.48016 |
| Current Price | 1.47753 |
| Next Low | 1.47226 |
| 2nd Low | 1.47224 |
| 3rd Low | 1.47177 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing