EUR/CAD – 30M – SELLThe pair Euro/Canadian Dollar (EUR/CAD) moves from the descending trendline down.
A continuation of the bearish trend downwards to the next support at 1.49387 is expected.
Caution: A possible trend reversal in the direction of resistance at 1.49943 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Last Engulfing Bottom:’ chart pattern is existing. The chart shows ‘Last Engulfing Bottom:’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50179 |
| 2nd High | 1.50115 |
| Next High | 1.49943 |
| Current Price | 1.49169 |
| Next Low | 1.49387 |
| 2nd Low | 1.49242 |
| 3rd Low | 1.49102 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Last Engulfing Bottom: