EUR/CAD – 30M – SELLThe combination Euro/Canadian Dollar (EUR/CAD) jumps from the ascending trendline down.
A descending movement down to the next support level at 1.49108 is considered certain.
Caution: A possible counter-trend in the direction of resistance at 1.50378 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bearish Belt Hold’ candlestick chart pattern is found. The chart shows ‘Bearish Belt Hold’. which is a negative signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Belt Hold’ going down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50590 |
| 2nd High | 1.50501 |
| Next High | 1.50378 |
| Current Price | 1.49422 |
| Next Low | 1.49108 |
| 2nd Low | 1.49090 |
| 3rd Low | 1.48752 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Belt Hold