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: sell targets - 1.4200 and 1.4100

By: Dmitriy Chernovolov

  • EUR/CAD falls inside intermediate ABC correction (2)
  • Next sell targets - 1.4200 and 1.4100.

EUR/CAD has been falling strongly in the last few trading sessions inside the minor impulse wave (iii) – which belongs to the C-wave of the intermediate ABC correction (2) from the end of August. The active C-wave earlier broke the support trendline of the daily up channel from the end of May and the support level 1.4600 (which stopped previous waves (iii) and A, as you can see below). This double breakout intensified the bearish pressure on this currency pair.

EUR/CAD is likely to fall further in the active waves (iii), C and (2) toward the next sell targets at the support levels 1.4200 and 1.4100.

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