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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 falling inside minor impulse wave 3

  • EUR/CAD falling inside minor impulse wave 3
  • Next sell target - 1.3830

EUR/CAD has been falling sharply in the last few trading sessions inside the minor impulse wave 3, which started earlier from the resistance zone lying between the resistance levels 1.4400 and 1.4300, upper daily Bollinger Band and the 50% Fibonacci correction level of the previous sharp downward impulse from November.

EUR/CAD is expected to fall further in the active impulse waves 3 and (C) toward the next sell target at the support level 1.3830 (which stopped the previous minor impulse wave 1 in December). The pair is likely to correct up after reaching the support level 1.3830.

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