EUR/CAD – 1H – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) jumps from the bullish trendline downwards
A bearish descent down to the next support line at 1.47371 will persist.
Caution: A possible change in the direction of resistance at 1.48582 should be noted.
Consider stop-loss settings accordingly.
In addition a ‘Bearish Engulfing’ chart pattern is found. The candles form ‘Bearish Engulfing’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.48896 |
| 2nd High | 1.48587 |
| Next High | 1.48582 |
| Current Price | 1.48482 |
| Next Low | 1.47371 |
| 2nd Low | 1.47226 |
| 3rd Low | 1.47224 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing