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: buy target - 1.4160

By: Dima Chernovolov

  • EUR/CAD reversed from pivotal support level 1.3750
  • Next buy target - 1.4160

EUR/CAD continues to rise after the recent upward reversal from the pivotal support level 1.3750 (former major resistance level which has been reversing this currency pair from the middle of March – having earlier reversed the price sharply in January, as you can see below). The support zone near 1.3750 was further strengthened by the 50% Fibonacci Correction of the previous upward impulse from May.

EUR/CAD is likely to rise further inside the active intermediate (C)-wave toward the next buy target at the resistance level 1.4160 (which reversed the price at the start of this month).


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