EUR/CAD – 30M – SELLThe combination Euro/Canadian Dollar (EUR/CAD) goes from the bullish trendline downwards
A bearish trend downwards to the next support line at 1.56620 is expected.
Caution: A possible change in the direction of the resistance line at 1.57278 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Resistance Level’ indicator signal is found. The indicator is ‘Resistance Level’. this is usually a bearish signal. The pair is likely to go down.
Moreover a ‘Tweezers Top’ candle chart pattern is found. The candles form ‘Tweezers Top’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.57886 |
| 2nd High | 1.57497 |
| Next High | 1.57278 |
| Current Price | 1.57160 |
| Next Low | 1.56620 |
| 2nd Low | 1.55998 |
| 3rd Low | 1.55861 |
1.57278 – 1.57077 – 1.57497 – 1.56620 – 1.56695 – 1.57350
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Tweezers Top