EUR/CAD – 1H – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the ascending trendline down.
The bearish trend down to the next support line at 1.47371 will persist.
Caution: A possible trend reversal in the direction of the resistance zone at 1.49362 could happen.
Consider stop-loss settings accordingly.
Next a ‘Tweezers Top’ candlestick pattern is found. The candles form ‘Tweezers Top’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50378 |
| 2nd High | 1.49791 |
| Next High | 1.49362 |
| Current Price | 1.47843 |
| Next Low | 1.47371 |
| 2nd Low | 1.47226 |
| 3rd Low | 1.47224 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Tweezers Top