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: reversed from resistance zone

By: Dmitriy Chernovolov

  • EUR/CAD reversed from resistance zone
  • Next sell target –1.4660

EUR/CAD continues to decline inside the second intermediate correction (2) – which started previously - when the price reversed down from the resistance zone lying between the round resistance level 1.5000 (which also previously reversed the price sharply in March), 38.2% Fibonacci correction of the previous sharp intermediate (C)-wave from February and the upper daily Bollinger Band.

EUR/CAD is likely to fall further inside the active intermediate correction (2) toward the next sell target at the support level 1.4660 (which has been reversing the price from the middle of March, as can be seen below). Strong resistance remains at the aforementioned price level 1.5000.

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