EUR/CAD – 1H – BUYThe combination Euro/Canadian Dollar (EUR/CAD) goes from the ascending trendline down.
The bearish trend down to the next support level at 1.49090 is certain.
Caution: A possible change in the direction of the resistance level at 1.49943 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Three Outside Down’ chart pattern is found. The chart forms ‘Three Outside Down’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50179 |
| 2nd High | 1.50115 |
| Next High | 1.49943 |
| Current Price | 1.49572 |
| Next Low | 1.49090 |
| 2nd Low | 1.48752 |
| 3rd Low | 1.48347 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down