Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

EUR/CAD falling inside c-wave

  • EUR/CAD falling inside c-wave
  • Next sell target - 1.4300

EUR/CAD has been falling in the last few trading sessions inside the c-wave of the minor ABC correction (ii) from the start of August. The active c-wave started when the pair reversed down from the resistance zone lying between the pivotal resistance level 1.4670 (which stopped the earlier impulse wave (i)), upper daily Bollinger Band and the 61.8% Fibonacci retracement of the previous downward impulse from the start of April.

EUR/CAD is expected to fall down further in the active c-wave toward the next sell target at the powerful support level 1.4300 (which earlier reversed the pair sharply in June, as can be seen below).

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