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 - 1.4800 and 1.4900

By: Dmitriy Chernovolov

  • EUR/CAD rises inside primary impulse wave ③
  • Next buy targets - 1.4800 and 1.4900

EUR/CAD has been rising steadily in the last few trading sessions inside the active primary impulse wave ③, which recently broke the resistance level 1.4570 and the resistance trendline of the daily down channel from August (which has enclosed the previous primary ABC correction ②). The active impulse wave ③ started earlier this month – when the pair reversed up from the support level 1.4100 (previous sell target set for this currency pair).

EUR/CAD is likely to rise further toward the next buy targets at the resistance levels 1.4800 and 1.4900 (top of the previous minor correction 2 from October).

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