EUR/CAD – 1H – SELLCorrection of the major bearish trend halted around the Fibonacci 1-Level.Continuation of the current descending trend is considered certain. Target of the current trend is 1.49873622 at the Fibonacci level 0.79-Level. Caution: A possible counter-trend in the direction of support at 1.50179 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bearish Engulfing’ candle pattern is existing. The candles form ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.50590 |
| Next High | 1.50179 |
| Current Price | 1.50132 |
| Next Low | 1.49090 |
| 2nd Low | 1.48752 |
| 3rd Low | 1.48347 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing