EUR/CAD – 1H – SELL

The combination Euro/Canadian Dollar (EUR/CAD) moves from the descending trendline down.

A continuation of the downward movement down to the next support line at 1.60839 is likely expected.

Caution: A possible counter-trend in the direction of resistance at 1.61575 should be noted.
Please make appropriate stop-loss settings in the case of a trade.

Also there is a ‘Exponential Moving Average 200 (EMA 200)’ indicator layout is found. The indicator shows ‘Exponential Moving Average 200 (EMA 200)’. which could be a negative chart scenario. The pair is likely to go down.

Also there is a ‘MACD crosses below signal’ indicator layout is found. The indicator shows ‘MACD crosses below signal’. which could be a negative chart scenario. The pair is likely to go down.

Also there is a ‘Support Level’ indicator layout is detected. The indicator shows ‘Support Level’. which is often a bearish chart scenario. The pair is likely to go down.

Correction of the major bullish trend broke through the Fibonacci 0.24-Level.Continuation of the current descending trend is likely expected. Target of the current trend is 1.612805 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the support line at 1.61575 should be noted.
Please make appropriate stop-loss settings in the case of a trade.

Also there is a ‘Three Outside Down’ candlestick chart pattern is discovered. The chart shows ‘Three Outside Down’. this is a bearish 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’ going down is 69% (Bull Market) & 70% (Bear Market).

1.61575 – 1.61711 – 1.61722 – 1.60839 – 1.60914 – 1.61307 —
1.61567 – 1.61633 —
72.636409485008 – 70.398103424395 —
– —
1.61575 – 1771488000

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down – Rising Wedge Chart Pattern – – – – – – – –