EUR/CAD – 1H – SELLThe combination Euro/Canadian Dollar (EUR/CAD) goes from the bullish trendline down.
A descending movement downwards to the next support at 1.49854 will persist.
Caution: A possible counter-trend in the direction of the resistance line at 1.50501 could occur.
Consider stop-loss settings accordingly.
Moreover a ‘Last Engulfing Bottom:’ candle chart pattern is discovered. The candles show ‘Last Engulfing Bottom:’. which is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.50590 |
| Next High | 1.50501 |
| Current Price | 1.50028 |
| Next Low | 1.49854 |
| 2nd Low | 1.49090 |
| 3rd Low | 1.48752 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Last Engulfing Bottom: