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 - 1.4200

By: Dmitriy Chernovolov

  • EUR/CAD reversed from resistance zone
  • Next sell target - 1.4200

EUR/CAD continues to decline after the recent downward reversal from the resistance zone near the strong resistance level 1.4480 (which also previously reversed the pair with the daily Japanese candlesticks reversal pattern Bearish Engulfing at the end of July, as you can see below). The previous downward reversal from the resistance level 1.4480 completed the earlier primary ABC correction ② from April.

EUR/CAD is likely to fall further inside the active minor impulse wave 1 toward the next sell target at the support level 1.4200 (which reversed the price with the daily Morning Star last week).

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