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 - 1.3000

  • EUR/CAD broke support level 1.3300
  • Next sell target - 1.3000

By: Dima Chernovolov

EUR/CAD has been falling sharply in the last few days – following the breakout of the support zone lying between the support levels 1.3400 and 1.3300 (this support level was set as the set target in our earlier forecast for this currency pair). The breakout of this support zone accelerated the active minor impulse wave 3 (which belongs to the 3rd intermediate impulse wave (3) from the end of January) – which led to the subsequent breakout of the support trendline of the wide daily down channel from last year.

EUR/CAD is set to fall further inside the active impulse waves 3 and (3) toward the next sell target 1.3000. Sell stop-loss can be placed above the recently broken price level 1.3300.

Scroll to top