EUR/CAD – 1H – BUYThe pair Euro/Canadian Dollar (EUR/CAD) goes from the bullish trendline downwards
The bearish trend downwards to the next support level at 1.56227 will persist.
Caution: A possible change in the direction of the resistance line at 1.56919 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Last Engulfing Top’ candlestick chart pattern is existing. The candles form ‘Last Engulfing Top’. 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 probability of ‘Last Engulfing Top’ going down is 68% (Bull Market) & 67% (Bear Market).
Besides a ‘Resistance Level’ indicator layout is discovered. The indicator shows ‘Resistance Level’. which could be a negative chart signal. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.58180 |
| 2nd High | 1.58093 |
| Next High | 1.56919 |
| Current Price | 1.56803 |
| Next Low | 1.56227 |
| 2nd Low | 1.55979 |
| 3rd Low | 1.55900 |
1.56848 – 1.56726 – 1.56919 – 1.56227 – 1.55979 – 1.56060
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Last Engulfing Top