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 - 1.4900

By: Dmitriy Chernovolov

  • EUR/CAD reached buy target 1.4650
  • Next buy target - 1.4900

EUR/CAD recently broke through the powerful resistance level 1.4650 (which stopped the previous intermediate ABC correction (4) in last December and which was set as the buy target in our previous forecast for this currency pair). The breakout of this resistance level greatly accelerated the active impulse waves (iii) and 3 – both of which belong to the sharp intermediate (C)-wave from June.

EUR/CAD is expected to rise further in the active impulse waves (iii) and 3 toward the next buy target at the resistance level 1.4900. Strong support remains at the recently broken price level 1.4650.


Scroll to top