EUR/CAD – 30M – SELL

The combination Euro/Canadian Dollar (EUR/CAD) goes from the ascending trendline down.

The bearish trend downwards to the next support level at 1.6045 will persist.

Caution: A possible change in the direction of the resistance line at 1.61119 could occur.
In the case of a trade, always set appropriate stop-loss settings.

Besides a ‘Resistance Level’ indicator layout is detected. The indicator is ‘Resistance Level’. which is often a bearish chart signal. The pair is likely to go down.

Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend will persist. Current target is 1.607765 at the Fibonacci level 0.5-Level. Caution: A possible change in the direction of the support level at 1.61119 could occur.
In the case of a trade, always set appropriate stop-loss settings.

Besides a ‘Bearish Engulfing’ candle pattern is found. The candles show ‘Bearish Engulfing’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.

1.61119 – 1.60924 – 1.61027 – 1.6045 – 1.60434 – 1.60464 —
1.60884 – 1.61065 —
59.561768262085 – 55.295516245703 —
– —
1.61119 – 1775565000

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing – Symmetrical Triangle Chart Pattern – – – – – – – –