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 - 1.5000

By: Dmitriy Chernovolov

  • EUR/CAD reversed from support zone
  • Next buy target - 1.5000

EUR/CAD continues to rise strongly – following the earlier sharp upward reversal from the support zone lying at the intersection of the support level 1.4600 which also reversed the previous A-wave in September), the lower daily Bollinger Band, 38.2% Fibonacci Correction of the previous extended upward C-wave from April and the support trendline of the daily up channel from May. The upward reversal from this support zone created the daily Japanese candlestick reversal pattern Hammer.

The price is likely to rise further in the active minor correction (ii) toward the next buy target at the round resistance level 1.5000.

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