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/GBP broke resistance level 0.8620

  • EUR/GBP broke resistance level 0.8620
  • Next buy target - 0.8800

EUR/GBP recently broke through the resistance level 0.8620, which was set as the buy target in our earlier forecast for this currency pair. The breakout of the resistance level 0.8620 accelerated the active minor impulse wave (iii) – which is a part of the longer-term upward impulse 5 of the intermediate impulse (3) from the end of May.

The active impulse wave 5 started earlier from the support zone surrounding the support level 0.8300. EUR/GBP is expected to rise further toward the next buy target at the next resistance level 0.8800. Buy stop-loss can be placed below the aforementioned price level 0.8620.


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