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 - 1.5400

By: Dmitriy Chernovolov

  • EUR/CAD reversed from support zone
  • Next buy target - 1.5400

EUR/CAD continues to rise inside the minor impulse wave (iii) – which started earlier this month – when the pair reversed up from the support zone lying between the major round support level 1.5000 and the 38.2% Fibonacci Correction of the previous sharp upward impulse from the start of this month. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Piercing Line – completing the previous correction (ii).

EUR/CAD is likely to rise further toward the next buy target at the resistance level 1.5400 (which reversed the price with the daily Evening Star in August).

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