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 target - 1.5200

By: Dmitriy Chernovolov

  • EUR/CAD reached buy target 1.5400
  • Next sell target - 1.5200

EUR/CAD today reversed down from the resistance zone lying between the resistance levels 1.5400 (previous buy target set in our earlier forecast for this currency pair) and 1.5500 (which reversed the previous sharp intermediate (A)-wave in August, as can be seen from the daily EUR/CAD chart below).

Given the strength of the aforementioned resistance zone and the overbought reading on the daily Stochastic indicator - EUR/CAD can be expected to correct down further to the next sell target at the support level 1.5200 (standing close to the 50% Fibonacci Correction of the previous sharp upward price impulse from the start of this month).

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