EUR/CAD – 4H – SELL

The currency pair Euro/Canadian Dollar (EUR/CAD) moves from the bullish trendline down.

A bearish movement downwards to the next support line at 1.55730 is likely expected.

Caution: A possible trend reversal in the direction of the resistance line at 1.58434 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.

Correction of the major bullish trend broke through the Fibonacci 0.5-Level.Continuation of the current descending trend is likely expected. Current target is 1.56009976 at the Fibonacci level 0.79-Level. Caution: A possible trend reversal in the direction of the support level at 1.58434 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.

Additionally a ‘Three Black Crows’ candlestick pattern is detected. The chart shows ‘Three Black Crows’. this is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Black Crows’ heading down is 82%.

1.58434 – 1.56811 – 1.57071 – 1.55730 – 1.55350 – 1.55775

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Black Crows