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 - 1.4100

By: Dmitriy Chernovolov

  • EUR/CAD reversed down from major resistance level 1.4500
  • Next sell target - 1.4100

EUR/CAD recently broke above the resistance level 1.4300, which was set as the buy target in our previous forecast for this currency pair. After breaking above the resistance level 1.4300, the pair reversed down sharply from the powerful resistance level 1.4500 – which also previously reversed the pair sharply at the start of February, as you can see below.

The pair is likely to correct further down in the active minor corrective wave 4 toward the next sell target at the support level 1.4100. Strong resistance remains at 1.4500.

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