EUR/CAD – 4H – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) jumps from the bullish trendline down.
A bearish movement down to the next support at 1.48752 will persist.
Caution: A possible change in the direction of the resistance zone at 1.50115 is within the realm of possibility.
Consider stop-loss settings accordingly.
Furthermore a ‘Bearish Engulfing’ candle pattern is existing. The candles show ‘Bearish Engulfing’. this is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.50590 |
| Next High | 1.50115 |
| Current Price | 1.49974 |
| Next Low | 1.48752 |
| 2nd Low | 1.48205 |
| 3rd Low | 1.47224 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing