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 sharply from the support zone lying between the pivotal support level 0.8350 (which also previously reversed the price sharply at the start of August), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp upward impulse wave (3) from June. The upward reversal form this support zone completed the previous intermediate ABC correction (4).

EUR/GBP is expected to rise further in the active intermediate impulse wave (5) toward the next buy target at the resistance level 0.8600. Strong support remains at the aforementioned support level 0.8350.


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