The combination Euro/Canadian Dollar (EUR/CAD) goes from the descending trendline down.
A continuation of the downtrend down to the next support line at 1.59942 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.61139 should always be considered.
Consider stop-loss settings accordingly.
In addition a ‘Bearish Belt Hold’ candle chart pattern is existing. The candles show ‘Bearish Belt Hold’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.61755 |
| 2nd High | 1.6127 |
| Next High | 1.61139 |
| Current Price | 1.60231 |
| Next Low | 1.59942 |
| 2nd Low | 1.5958 |
| 3rd Low | 1.59462 |
1.61139 – 1.6127 – 1.61755 – 1.60412 – 1.60463 – 1.605 —
1.60654 – 1.60320 —
40.257418541262 – 32.038923362503 —
– —
1.61139 – 1784196000
Trading Signals: FOREX – EUR – EUR/CAD – CAD – Bearish Belt Hold – – – – – – – – –