EUR/CAD – 4H – SELLThe pair Euro/Canadian Dollar (EUR/CAD) goes from the bullish trendline down.
A descending movement downwards to the next support line at 1.47595 will persist.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.49400 should be noted.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend will persist. Current target is 1.47595 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the support line at 1.49400 should be noted.
Consider stop-loss settings accordingly.
Then a ‘Bearish Engulfing’ candlestick chart pattern is found. The chart forms ‘Bearish Engulfing’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50590 |
| 2nd High | 1.50501 |
| Next High | 1.49400 |
| Current Price | 1.48196 |
| Next Low | 1.47595 |
| 2nd Low | 1.47224 |
| 3rd Low | 1.44868 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing