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 - 1.4000

  • EUR/CAD reversed from support level 1.3750
  • Next buy target - 1.4000

EUR/CAD today reversed up from the pivotal support level 1.3750 (former resistance level which has been reversing this currency pair from the middle of March, as you can see below). The support zone near 1.3750 is strengthened by the support trendline of the daily up channel from April and by the 38.2% Fibonacci Correction of the previous primary ABC correction ②.

Given the strength of the support level 1.3750, EUR/CAD is likely to rise further toward the next buy target at the resistance level 1.4000 (which stopped previous wave (2)).

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