EUR/CAD – 30M – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the bearish trendline downwards
A continuation of the downtrend down to the next support level at 1.54155 is expected.
Caution: A possible trend reversal in the direction of the resistance zone at 1.57249 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Three Outside Down’ candlestick pattern is found. The candles show ‘Three Outside Down’. which is a negative pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.57532 |
| 2nd High | 1.57524 |
| Next High | 1.57249 |
| Current Price | 1.55048 |
| Next Low | 1.54155 |
| 2nd Low | 1.54067 |
| 3rd Low | 1.53824 |
1.57249 – 1.57099 – 1.56649 – 1.55542 – 1.56077 – 1.56122
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down