EUR/CAD – 30M – BUYCorrection of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend is considered certain. Target of the current trend is 1.56164966 at the Fibonacci level 0.79-Level. Caution: A possible reversal of the trend in the direction of the support level at 1.56848 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Exponential Moving Average 200 (EMA 200)’ indicator signal is found. The indicator is ‘Exponential Moving Average 200 (EMA 200)’. this is usually a bearish chart signal. The currency pair is likely to fall.
In addition a ‘Three Outside Down’ chart pattern is discovered. The candles show ‘Three Outside Down’. this is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.57524 |
| 2nd High | 1.56919 |
| Next High | 1.56848 |
| Current Price | 1.56332 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
1.56848 – 1.56838 – 1.56709 – 1.55979 – 1.56050 – 1.56091
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down