EUR/CAD – 30M – BUYThe currency pair Euro/Canadian Dollar (EUR/CAD) jumps from the bearish trendline downwards
A continuation of the downward movement down to the next support level at 1.57124 will persist.
Caution: A possible trend reversal in the direction of resistance at 1.57904 could occur.
Consider stop-loss settings accordingly.
Moreover a ‘Exponential Moving Average 200 (EMA 200)’ indicator signal is existing. The indicator is ‘Exponential Moving Average 200 (EMA 200)’. which is often a bearish signal. The currency pair could go down.
Moreover a ‘Last Engulfing Top’ candlestick chart pattern is existing. The candles show ‘Last Engulfing Top’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Last Engulfing Top’ heading down is 68% (Bull Market) & 67% (Bear Market).
Moreover a ‘Resistance Level’ indicator signal is detected. The indicator shows ‘Resistance Level’. which is often a bearish chart signal. The currency pair could go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.59508 |
| 2nd High | 1.57928 |
| Next High | 1.57904 |
| Current Price | 1.57708 |
| Next Low | 1.57124 |
| 2nd Low | 1.56987 |
| 3rd Low | 1.56875 |
1.57481 – 1.57904 – 1.57928 – 1.57124 – 1.56987 – 1.56875
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Last Engulfing Top