EUR/CAD – 30M – SELL

The currency pair Euro/Canadian Dollar (EUR/CAD) moves from the ascending trendline downwards

A descending movement downwards to the next support level at 1.60156 is likely expected.

Caution: A possible change in the direction of the resistance line at 1.60498 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.

Additionally a ‘Bearish Engulfing’ candlestick pattern is detected. The candles show ‘Bearish Engulfing’. this 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%.

1.60433 – 1.60286 – 1.60287 – 1.60156 – 1.60022 – 1.59156 —
1.60385 – 1.60541 —
60.305009053976 – 66.210425705042 —
– —
1.60433 – 1778148000

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