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 rising inside minor impulse wave 3

EUR/CAD rising inside minor impulse wave 3
Next buy target - 1.4600

EUR/CAD continues to rise inside the minor impulse wave 3, which started recently – when the pair reversed up from the support level 1.4280 (upper boundary of the strong support zone which has been repeatedly reversing this currency pair from last November, as can be seen from the daily EUR/CAD chart below). The active minor impulse wave 3 belongs to wave (3) - which also began from the aforementioned support zone.

EUR/CAD is likely to rise further from the current levels toward the next buy target at the resistance level 1.4600 (which previously reversed the price in June).

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