EUR/CAD – 30M – SELLThe pair Euro/Canadian Dollar (EUR/CAD) goes from the ascending trendline down.
The bearish trend downwards to the next support line at 1.50005 is likely expected.
Caution: A possible change in the direction of resistance at 1.50590 could occur.
Consider stop-loss settings accordingly.
Moreover a ‘Bearish Engulfing’ chart pattern is discovered. The chart forms ‘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 | 1.51696 |
| 2nd High | 1.51400 |
| Next High | 1.50590 |
| Current Price | 1.50014 |
| Next Low | 1.50005 |
| 2nd Low | 1.49646 |
| 3rd Low | 1.49301 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing