EUR/CAD – 1H – SELLCorrection of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend will persist. Target of the current trend is 1.61041956 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of the support level at 1.61556 could happen.
Consider stop-loss settings accordingly.
Moreover a ‘Hanging Man’ chart pattern is existing. The candles show ‘Hanging Man’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Hanging Man’ heading down is 59% (Bull Market) & 59% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.62013 |
| 2nd High | 1.61567 |
| Next High | 1.61556 |
| Current Price | 1.61326 |
| Next Low | 1.61167 |
| 2nd Low | 1.61055 |
| 3rd Low | 1.60742 |
1.61556 – 1.61549 – 1.61567 – 1.61167 – 1.61055 – 1.6111 —
1.61386 – 1.61396 —
51.237955973095 – 48.095754790005 —
– —
1.61556 – 1770289200
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Hanging Man – Symmetrical Triangle Chart Pattern – – – – – – – –