EUR/CAD – 1H – SELLThe pair Euro/Canadian Dollar (EUR/CAD) jumps from the ascending trendline downwards
A bearish trend downwards to the next support line at 1.48752 is likely expected.
Caution: A possible change in the direction of resistance at 1.50179 should be noted.
Consider stop-loss settings accordingly.
Next a ‘Last Engulfing Bottom:’ chart pattern is detected. The candles form ‘Last Engulfing Bottom:’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Last Engulfing Bottom:’ going down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.51400 |
| 2nd High | 1.50590 |
| Next High | 1.50179 |
| Current Price | 1.49408 |
| Next Low | 1.48752 |
| 2nd Low | 1.48347 |
| 3rd Low | 1.48205 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Last Engulfing Bottom: