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 - 1.5200

By: Dmitriy Chernovolov

  • EUR/CAD rises inside intermediate correction (2)
  • Next buy target - 1.5200

EUR/CAD recently reversed down sharply – after the pair reached the buy target 1.5400, set in our previous forecast for this currency pair. The subsequent downward impulse wave (1) stopped in the support zone lying between the support level 1.4650 and the 50% Fibonacci Correction of the previous upward impulse from the end of June (as can be seen from the daily EUR/CAD chart below).

The pair is likely to rise further in the active intermediate corrective wave (2) toward the next buy target at the resistance level 1.5200 (target price calculated for the completion of this correction).

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