EUR/CAD – 4H – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the bearish trendline down.
A continuation of the bearish trend down to the next support line at 1.47595 will persist.
Caution: A possible trend reversal in the direction of the resistance line at 1.49400 is also possible.
Consider stop-loss settings accordingly.
Besides a ‘Tweezers Top’ chart pattern is found. The candles show ‘Tweezers Top’. which is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.50590 |
| 2nd High | 1.50501 |
| Next High | 1.49400 |
| Current Price | 1.48208 |
| Next Low | 1.47595 |
| 2nd Low | 1.47224 |
| 3rd Low | 1.44868 |
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Tweezers Top