EUR/CAD – 30M – SELL

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

A continuation of the downward movement downwards to the next support level at 1.59601 is certain.

Caution: A possible reversal of the trend in the direction of the resistance zone at 1.59738 could occur.
Consider stop-loss settings accordingly.

Next a ‘Exponential Moving Average 50 (EMA 50)’ indicator signal is discovered. The indicator shows ‘Exponential Moving Average 50 (EMA 50)’. this is usually a bearish chart signal. The currency pair could go down.

Next a ‘Resistance Level’ indicator layout is found. The indicator shows ‘Resistance Level’. which is often a bearish chart scenario. The pair is likely to go down.

Next a ‘Bearish Engulfing’ candle pattern is discovered. The chart forms ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.

1.59738 – 1.59833 – 1.60271 – 1.59601 – 1.59607 – 1.59889 —
1.59704 – 1.59669 —
44.078740916242 – 49.784049275587 —
– —
1.59738 – 1777356000

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