EUR/CAD – 1H – BUY

The currency pair Euro/Canadian Dollar (EUR/CAD) jumps from the descending trendline downwards

A continuation of the downtrend downwards to the next support line at 1.49407 is likely expected.

Caution: A possible counter-trend in the direction of the resistance line at 1.50115 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.

Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is likely expected. Target of the current trend is 1.49185768 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the support line at 1.50115 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.

Besides a ‘Three Outside Down’ candlestick pattern is found. The chart forms ‘Three Outside Down’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

Download EUR/CAD Signal Image

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down