EUR/CAD – 1H – SELLThe combination Euro/Canadian Dollar (EUR/CAD) jumps from the descending trendline down.
A continuation of the downtrend down to the next support at 1.61126 will persist.
Caution: A possible trend reversal in the direction of the resistance level at 1.61823 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Support Level’ indicator layout is discovered. The indicator shows ‘Support Level’. which is often a bearish chart signal. The currency pair could go down.
Also there is a ‘Three Outside Down’ candlestick chart pattern is existing. The candles form ‘Three Outside Down’. 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 chance of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.61981 |
| 2nd High | 1.61874 |
| Next High | 1.61823 |
| Current Price | 1.61507 |
| Next Low | 1.61126 |
| 2nd Low | 1.61046 |
| 3rd Low | 1.60627 |
1.61823 – 1.61874 – 1.61981 – 1.61126 – 1.61408 – 1.61599 —
1.61484 – 1.61621 —
51.830493588644 – 57.702761847268 —
– —
1.61823 – 1768474800
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down – Double top chart pattern – – – – – – – –