EUR/CAD – 30M – SELLThe combination Euro/Canadian Dollar (EUR/CAD) goes from the descending trendline down.
A continuation of the bearish trend downwards to the next support level at 1.59283 is certain.
Caution: A possible trend reversal in the direction of the resistance level at 1.60342 is within the realm of possibility.
Consider stop-loss settings accordingly.
Then a ‘Support Level’ indicator layout is discovered. The indicator shows ‘Support Level’. which could be a negative signal. The currency pair is likely to fall.
Then a ‘Collapsing Doji Star’ candlestick chart pattern is found. The chart forms ‘Collapsing Doji Star’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Collapsing Doji Star’ going 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 –