EUR/CAD – 30M – SELL

The currency pair Euro/Canadian Dollar (EUR/CAD) goes from the descending trendline down.

A continuation of the downward movement downwards to the next support level at 1.61603 is likely expected.

Caution: A possible trend reversal in the direction of the resistance line at 1.62364 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.

Additionally a ‘Bearish Engulfing’ chart pattern is existing. The candles show ‘Bearish Engulfing’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.

1.62364 – 1.62284 – 1.62291 – 1.61603 – 1.61643 – 1.61993 —
1.62135 – 1.62123 —
50.193234145258 – 50.803337587846 —
– —
1.62364 – 1783011600

Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Engulfing – Rising Wedge Chart Pattern – – – – – – – –