EUR/CAD – 1H – SELLThe combination Euro/Canadian Dollar (EUR/CAD) goes from the bearish trendline downwards
A continuation of the downtrend downwards to the next support level at 1.60262 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 1.60819 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Three Outside Down’ chart pattern is existing. The candles show ‘Three Outside Down’. this 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 ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.62247 |
| 2nd High | 1.61434 |
| Next High | 1.60819 |
| Current Price | 1.60831 |
| Next Low | 1.60262 |
| 2nd Low | 1.59283 |
| 3rd Low | 1.59114 |
1.60819 – 1.61434 – 1.62247 – 1.60262 – 1.60272 – 1.60854 — 57.923298571102 – 56.557664035153 — 68.390266671753 – 57.495131035297 – 79.865152753277 – 68.985075463273
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down – Triple bottom chart pattern – –