The combination Euro/Canadian Dollar (EUR/CAD) jumps from the descending trendline downwards
A continuation of the bearish trend down to the next support level at 1.54013 is considered certain.
Caution: A possible change in the direction of resistance at 1.55686 could occur.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0-Level.Continuation of the current descending trend is considered certain. Target of the current trend is 1.54979 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the support line at 1.55686 could occur.
Consider stop-loss settings accordingly.
Besides a ‘Two Crows’ candle chart pattern is existing. The candles show ‘Two Crows’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Two Crows’ going down is 54% (Bull Market) & 58% (Bear Market).
Besides a ‘Support Level’ indicator signal is found. The indicator is ‘Support Level’. this is usually a bearish chart signal. The currency pair could go down.
Support & Resistance | Price Range* |
---|---|
3rd High | 1.56715 |
2nd High | 1.56375 |
Next High | 1.55686 |
Current Price | 1.54495 |
Next Low | 1.54013 |
2nd Low | 1.51526 |
3rd Low | 1.50026 |
1.55686 – 1.56375 – 1.56715 – 1.54979 – 1.55728 – 1.55638