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/NZD reversed from resistance area

  • EUR/NZD reversed from resistance area
  • Next sell target - 1.5200

EUR/NZD recently reversed down from the resistance area lying between the resistance level 1.5500 (which earlier reversed pervious waves (iv), (a) and 2, as can be seen below), upper daily Bollinger Band and the 61.8% Fibonacci correction of the pervious sharp minor impulse wave 1 from the middle of July.

The downward reversal from the aforementioned resistance area started the active minor impulse wave 3. EUR/NZD is expected to fall down further to the next sell target at the support level 1.5200 (which reversed the (b)-wave of the pervious ABC correction 2).

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