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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 reversed from resistance level 1.4900

  • EUR/CAD reversed from resistance level 1.4900
  • Next sell target - 1.4600

EUR/CAD recently reversed down sharply from the resistance level 1.4900 (which is the lower boundary of the strong resistance zone which has been steadily reversing this currency pair from March, as can be seen from the daily EUR/CAD chart below). The upper border of the aforementioned resistance zone stands at the round resistance level 1.5000. This resistance area was strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci correction of the downward impulse from January.

EUR/CAD is expected to fall down further to the next sell target at the support level 1.4600 (low of the previous minor correction (ii)).

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