EUR/CAD – 1H – SELLThe currency pair Euro/Canadian Dollar (EUR/CAD) goes from the bullish trendline down.
A descent down to the next support level at 1.60627 is expected.
Caution: A possible trend reversal in the direction of the resistance level at 1.61535 could happen.
Consider stop-loss settings accordingly.
There is also a ‘Resistance Level’ indicator layout is found. The indicator is ‘Resistance Level’. which could be a negative signal. The currency pair is likely to fall.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is expected. Current target is 1.610685 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support zone at 1.61535 could happen.
Consider stop-loss settings accordingly.
There is also a ‘Collapsing Doji Star’ candlestick pattern is detected. The candles show ‘Collapsing Doji Star’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Collapsing Doji Star’ going down is 63% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.61791 |
| 2nd High | 1.61783 |
| Next High | 1.61535 |
| Current Price | 1.61169 |
| Next Low | 1.60627 |
| 2nd Low | 1.60602 |
| 3rd Low | 1.60262 |
1.61535 – 1.61308 – 1.61294 – 1.60627 – 1.60717 – 1.60602 —
1.61515 – 1.61298 —
61.270392271661 – 49.189598000541 —
– —
1.61535 – 1767675600
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Collapsing Doji Star – – – – – – – – –