EUR/CAD – 1H – SELLThe pair Euro/Canadian Dollar (EUR/CAD) goes from the bullish trendline down.
A bearish movement downwards to the next support level at 1.49296 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 1.50590 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Bearish Engulfing’ candle pattern is detected. The candles form ‘Bearish Engulfing’. 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 ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.51696 |
| 2nd High | 1.51400 |
| Next High | 1.50590 |
| Current Price | 1.49821 |
| Next Low | 1.49296 |
| 2nd Low | 1.48347 |
| 3rd Low | 1.48205 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing