EUR/CAD – 30M – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) moves from the bearish trendline downwards
A continuation of the bearish trend down to the next support line at 1.49090 is certain.
Caution: A possible change in the direction of the resistance zone at 1.49943 could occur.
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 certain. Target of the current trend is 1.493319 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of support at 1.49943 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bearish Engulfing’ candle chart pattern is discovered. The candles show ‘Bearish Engulfing’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50179 |
| 2nd High | 1.50115 |
| Next High | 1.49943 |
| Current Price | 1.49568 |
| Next Low | 1.49090 |
| 2nd Low | 1.48752 |
| 3rd Low | 1.48347 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing