EUR/CAD – 30M – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the bearish trendline downwards
A continuation of the bearish trend down to the next support level at 1.49102 is expected.
Caution: A possible counter-trend in the direction of the resistance level at 1.50179 could be enabled.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is expected. Current target is 1.49185768 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the support line at 1.50179 could be enabled.
Consider stop-loss settings accordingly.
Also there is a ‘Three Outside Down’ chart pattern is found. The chart shows ‘Three Outside Down’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50590 |
| 2nd High | 1.50308 |
| Next High | 1.50179 |
| Current Price | 1.49369 |
| Next Low | 1.49102 |
| 2nd Low | 1.48752 |
| 3rd Low | 1.48347 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down