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 targets - 1.3400 and 1.3000

By: Dima Chernovolov

  • EUR/CAD reversed from pivotal resistance level 1.3750
  • Next sell targets - 1.3400 and 1.3000

EUR/CAD continues to fall after the pair earlier reversed down from the pivotal resistance level 1.3750 (which has been steadily reversing this currency pair from the middle of March). This resistance level is also the former strong support level which reversed the previous sharp downward impulse wave 1 in the middle of January (as you can see from the daily EUR/CAD chart below). The resistance zone near 1.3750 is strengthened by the former support trendline of the recently broken daily down channel from last year (acting as resistance now after it was broken).

EUR/CAD is likely to fall further inside the active minor corrective B-wave toward the next sell targets 1.3400 and 1.3000.

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