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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 targets - 1.5200 and 1.5400

By: Dmitriy Chernovolov

  • EUR/CAD reversed from support zone
  • Next buy targets - 1.5200 and 1.5400

EUR/CAD continues to rise inside the (c)-wave of the minor B correction, which belongs to the intermediate ABC correction (B) from the end of August. This (c)-wave started earlier this month – when EUR/CAD reversed up from the combined support zone lying between the support level 1.4700 (which reversed earlier wave A), the support trendline of the daily up channel from April, lower daily Bollinger Band and the 38.2% Fibonacci Correction of the previous upward impulse from the end of May.

EUR/CAD is likely to rise further toward the next buy target at the resistance level 1.5200 – the breakout of which can lead to further gains toward 1.5400.

EUR
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