EUR/CAD – 4H – SELLThe pair Euro/Canadian Dollar (EUR/CAD) goes from the ascending trendline down.
A descending movement down to the next support line at 1.48752 is certain.
Caution: A possible reversal of the trend in the direction of the resistance level at 1.50590 is also possible.
Consider stop-loss settings accordingly.
Besides a ‘Three Outside Down’ candle chart pattern is found. The chart forms ‘Three Outside Down’. which is a negative pattern signal. 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).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.51696 |
| Next High | 1.50590 |
| Current Price | 1.49242 |
| Next Low | 1.48752 |
| 2nd Low | 1.48205 |
| 3rd Low | 1.47224 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down