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 reached buy targets 1.4800 and 1.4900
  • Next buy target - 1.5200

EUR/CAD has been rising sharply in the last few trading sessions – breaking through the two consecutive resistance levels 1.4800 and 1.4900 – both of which were set as the buy targets in our earlier forecast for this currency pair. The breakout of these resistance levels further accelerated the active intermediate (C)-wave from the start of December – which is indicated by the rising daily Momentum indicator.

The pair is currently approaching the round resistance level 1.5000. If the price breaks above this price level - EUR/CAD can then rise toward the next buy target at the resistance level 1.5200 (which stopped the B-wave of the previous ABC correction (B) from August).

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