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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 target - 1.5400

By: Dmitriy Chernovolov

  • EUR/CAD reached buy target 1.4900
  • Next buy target - 1.5400

EUR/CAD continues to rise after the price earlier broke the resistance level 1.4900 – which was set in our previous forecast as the buy target for this currency pair. The breakout of this resistance level coincided with the breakout of the upper resistance trendline of the daily up channel from April. These two resistance breakouts greatly accelerated the active impulse waves (iii) and 3 (which belong to the intermediate (C)-wave from the end of June) – which then broke the resistance level 1.5000.

EUR/CAD is likely to rise further toward the next buy target at the resistance level 1.5400. Buy stop-loss can be placed below the broken price level 1.4900.

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