EUR/CAD – 30M – SELLThe pair Euro/Canadian Dollar (EUR/CAD) moves from the ascending trendline down.
A bearish trend down to the next support at 1.49854 is certain.
Caution: A possible change in the direction of the resistance zone at 1.50501 should be noted.
Consider stop-loss settings accordingly.
Furthermore a ‘Three Outside Down’ chart pattern is existing. The candles form ‘Three Outside Down’. which is a bearish 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’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.50590 |
| Next High | 1.50501 |
| Current Price | 1.50189 |
| Next Low | 1.49854 |
| 2nd Low | 1.49090 |
| 3rd Low | 1.48752 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down