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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: sell target - 1.3300

  • EUR/CAD reached sell target 1.3400
  • Next sell target - 1.3300

EUR/CAD today reached the support level 1.3400, which was set as the sell target in our previous forecast for this currency pair. The price earlier reversed down sharply – after the pair failed to break above the strong resistance zone lying between the former support trendline of the daily down channel from last August (acting as resistance now after it was broken in March), the resistance level 1.3800 and the upper daily Bollinger Band. This resistance zone has been reversing this currency pair from the middle of March.

If EUR/CAD breaks the support level 1.3400, the pair can be expected to fall further toward the next sell target at 1.3300 (intersecting with the support trendline of the weekly down channel from 2014).

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