EUR/CAD – 30M – SELLThe combination Euro/Canadian Dollar (EUR/CAD) moves from the descending trendline down.
A continuation of the downward movement downwards to the next support level at 1.59283 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.60342 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Support Level’ indicator signal is found. The indicator is ‘Support Level’. this is usually a bearish signal. The pair is likely to go down.
Moreover a ‘Collapsing Doji Star’ candle pattern is found. The chart forms ‘Collapsing Doji Star’. which is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Collapsing Doji Star’ heading down is 63% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.61086 |
| 2nd High | 1.60486 |
| Next High | 1.60342 |
| Current Price | 1.60147 |
| Next Low | 1.59283 |
| 2nd Low | 1.59114 |
| 3rd Low | 1.58741 |
1.60342 – 1.60486 – 1.60428 – 1.59283 – 1.60261 – 1.60168
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Collapsing Doji Star –