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 reversed from pivotal resistance level 0.8700

  • EUR/GBP reversed from pivotal resistance level 0.8700
  • Next sell target - 0.8500

EUR/GBP recently reversed down from the pivotal resistance level 0.8700 (which also previously reversed the earlier sharp intermediate impulse wave (3)). The resistance zone near the resistance level 0.8700 was strengthened by the upper daily Bollinger Band. The downward reversal from the resistance level 0.8700 stopped the 3r minor impulse wave 3 of the active intermediate impulse (5).

Given the strength of the resistance level 0.8700, EUR/GBP is expected to correct down further to the next sell target at the support level 0.8500 (standing close to the 61.8% Fibonacci correction of the previous upward impulse form the start of September).

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