EUR/CAD – 1H – SELLThe pair Euro/Canadian Dollar (EUR/CAD) jumps from the bullish trendline downwards
A descending movement down to the next support level at 1.47595 will continue.
Caution: A possible reversal of the trend in the direction of resistance at 1.49251 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Last Engulfing Bottom:’ candle chart pattern is discovered. The chart forms ‘Last Engulfing Bottom:’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Last Engulfing Bottom:’ going down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.49791 |
| 2nd High | 1.49400 |
| Next High | 1.49251 |
| Current Price | 1.48174 |
| Next Low | 1.47595 |
| 2nd Low | 1.47371 |
| 3rd Low | 1.47226 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Last Engulfing Bottom: