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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/GBP rising inside intermediate impulse wave

  • EUR/GBP rising inside intermediate impulse wave
  • Next buy target - 0.8600

EUR/GBP recently reversed up from the support zone lying between the support level 0.8500 and the 50% Fibonacci correction of the previous sharp upward impulse from the middle of July. The upward reversal from this support area completed the previous intermediate ABC correction (4) - which is a part of the primary impulse wave ③ from the end of May.

EUR/GBP is expected to rise further in the active impulse waves (5) and ③ toward the next buy target at the resistance level 0.8600. Buy stop-loss can be placed below the aforementioned support level 0.8500.

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