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 - 1.4400

By: Dmitriy Chernovolov

  • EUR/CAD approached support level 1.4530
  • Next sell target - 1.4400

EUR/CAD continues to fall inside the intermediate (B)-wave which started recently – when the pair reversed down with the daily Japanese candlesticks reversal pattern Falling Star from the resistance zone lying between the resistance level 1.4800 and the 38.2% Fibonacci correction of the previous sharp downward impulse from the end of February, as can be seen below.

The pair is currently trading close to the support level 1.4530 (which stopped the previous sharp primary impulse wave ③ from the end of February). If the price breaks trough the support level 1.4530 - EUR/CAD, will then, most likely, fall to the next sell target at 1.4400.

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