EUR/CAD – 1H – SELL

The pair Euro/Canadian Dollar (EUR/CAD) goes from the bearish trendline downwards

A continuation of the bearish trend downwards to the next support level at 1.56676 is likely expected.

Caution: A possible trend reversal in the direction of resistance at 1.57175 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.

Furthermore a ‘Bearish Engulfing’ candle pattern is discovered. The chart forms ‘Bearish Engulfing’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.

1.57175 – 1.57937 – 1.58343 – 1.56676 – 1.56663 – 1.5751 —
1.56991 – 1.57042 —
39.805423867614 – 48.413401027412 —
– —
1.57175 – 1773324000

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing – – – – – – – – –