The currency pair Euro/Canadian Dollar (EUR/CAD) moves from the bullish trendline downwards
A bearish descent down to the next support level at 1.55034 will persist.
Caution: A possible trend reversal in the direction of the resistance zone at 1.55686 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Two Crows’ candle pattern is existing. The candles form ‘Two Crows’. this 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 ‘Two Crows’ going down is 54% (Bull Market) & 58% (Bear Market).
Next a ‘Double top chart pattern’ chart layout is found. The formation shows ‘Double top chart pattern’. which is a negative pattern signal. The currency pair is likely to go down.
Next a ‘Support Level’ indicator layout is discovered. The indicator shows ‘Support Level’. which could be a negative chart scenario. The pair is likely to go down.
Support & Resistance | Price Range* |
---|---|
3rd High | 1.56536 |
2nd High | 1.56375 |
Next High | 1.55686 |
Current Price | 1.55102 |
Next Low | 1.55034 |
2nd Low | 1.54013 |
3rd Low | 1.51526 |
1.55686 – 1.56375 – 1.56536 – 1.55034 – 1.55235 – 1.55728