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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: buy targets - 1.4250 and 1.4300

 By: Dmitriy Chernovolov

  • EUR/CAD reversed from support area
  • Next buy targets - 1.4250 and 1.4300

EUR/CAD continues to rise after the pair earlier reversed up strongly from the combined support area lying between the support level 1.4000 (former resistance level, which was set as the buy target in our previous forecast for this currency pair), the 50% Fibonacci Correction of the earlier minor impulse wave 1 and the support trendline of the wide daily up channel from April. The upward reversal from this support zone created the daily Morning Star.

EUR/CAD is likely to rise further toward the next buy targets 1.4250 (which stopped the previous minor impulse wave 1) and 1.4300.

EUR
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