EUR/CAD – 30M – SELL

The currency pair Euro/Canadian Dollar (EUR/CAD) goes from the bullish trendline downwards

A bearish movement down to the next support level at 1.57019 is likely expected.

Caution: A possible counter-trend in the direction of the resistance level at 1.57886 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.

Next a ‘Resistance Level’ indicator layout is discovered. The indicator is ‘Resistance Level’. which is often a bearish chart scenario. The currency pair could go down.

Correction of the major bullish trend broke the Fibonacci 0-Level.Continuation of the current descending trend is likely expected. Target of the current trend is 1.57447132 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the support line at 1.57886 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.

Next a ‘On Neck’ candlestick chart pattern is detected. The candles show ‘On Neck’. 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 probability of ‘On Neck’ heading down is 56% (Bull Market) & 58% (Bear Market).

1.57641 – 1.57289 – 1.57757 – 1.57019 – 1.56974 – 1.56912

Trading Signals: FOREX – EUR – EUR/CAD – CAD – On Neck