EUR/CAD – 1H – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) moves from the bearish trendline down.
A continuation of the downtrend down to the next support line at 1.56077 is expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.57099 could happen.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Three Outside Down’ chart pattern is existing. The candles form ‘Three Outside Down’. which is a negative chart scenario. The currency pair is likely to go down. 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 | 1.58180 |
| 2nd High | 1.58093 |
| Next High | 1.57099 |
| Current Price | 1.56779 |
| Next Low | 1.56077 |
| 2nd Low | 1.55979 |
| 3rd Low | 1.55900 |
1.57099 – 1.56848 – 1.56726 – 1.56077 – 1.56227 – 1.55979
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down