EUR/CAD – 30M – SELLThe pair Euro/Canadian Dollar (EUR/CAD) goes from the bearish trendline downwards
A continuation of the bearish trend downwards to the next support at 1.56074 is certain.
Caution: A possible change in the direction of the resistance zone at 1.56899 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Collapsing Doji Star’ chart pattern is found. The candles form ‘Collapsing Doji Star’. this 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 success rate of a ‘Collapsing Doji Star’ going down is 63% (Bull Market).
Additionally a ‘Double top chart pattern’ chart formation is existing. The chart picture forms ‘Double top chart pattern’. which is a bearish pattern signal. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.57532 |
| 2nd High | 1.57524 |
| Next High | 1.56899 |
| Current Price | 1.56044 |
| Next Low | 1.56074 |
| 2nd Low | 1.55757 |
| 3rd Low | 1.55756 |
1.56899 – 1.56473 – 1.56580 – 1.56074 – 1.55757 – 1.55756
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Collapsing Doji Star