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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

  • EUR/CAD reversed from resistance zone
  • Next sell target - 1.4400

EUR/CAD continues to fall after the earlier downward reversal from the resistance zone lying between the resistance level 1.4730 (which has been reversing the price from the middle of May), the upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse from the start of April. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing.

EUR/CAD is likely to fall further toward the next sell target at the support level 1.4400 – the breakout of which can lead to further losses toward the next support level 1.4280.

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