EUR/CAD – 30M – SELL

The combination Euro/Canadian Dollar (EUR/CAD) jumps from the bearish trendline downwards

A continuation of the downtrend downwards to the next support level at 1.59889 is expected.

Caution: A possible counter-trend in the direction of resistance at 1.60271 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.

In addition a ‘Support Level’ indicator signal is detected. The indicator shows ‘Support Level’. which is often a bearish signal. The currency pair is likely to fall.

Correction of the major bullish trend broke the Fibonacci 0.79-Level.Continuation of the current descending trend is expected. Target of the current trend is 1.59654 at the Fibonacci level 1-Level. Caution: A possible counter-trend in the direction of the support line at 1.60271 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.

In addition a ‘Three Outside Down’ candle chart pattern is found. The candles form ‘Three Outside Down’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

1.60271 – 1.60382 – 1.60235 – 1.59889 – 1.59929 – 1.59916 —
1.60237 – 1.59977 —
53.248273283571 – 36.095403850142 —
– —
1.60271 – 1777273200

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Three Outside Down – – – – – – – – –