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 rising inside minor impulse wave (iii)

  • EUR/CAD rising inside minor impulse wave (iii)
  • Next buy target - 1.5000

EUR/CAD continues to rise inside the minor impulse wave (iii) – which belongs to the impulse wave 3 of the sharp intermediate impulse wave (C) from the end of April. The price earlier broke through the resistance level 1.4670 (which reversed the previous waves (i) and (b). The breakout of the resistance level 1.4670 accelerated the active impulse wave 3- which then broke above the next resistance level 1.4800 (top of impulse wave 1 from May).

EUR/CAD is expected to rise further in the direction of the next buy target at the round resistance level 1.5000 (which stopped and reversed the previous sharp B-wave in April, as can be seen below).

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