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 reached buy targets 0.8900 and 0.9000

  • EUR/GBP reached buy targets 0.8900 and 0.9000
  • Next buy target 0.9200

EUR/GBP continues to rise after the price earlier broke through the two consecutive resistance levels 0.8900 and 0.9000 - both of which were set as the buy targets in our earlier forecast for this currency pair. The breakout of the resistance level 0.9000 coincided with the breakout of the resistance trendline of the wide weekly up channel from November of 2015 – which intensified the bullish pressure on this currency pair.

EUR/GBP is expected to rise further in the active impulse wave 5 (which belongs to the intermediate impulse wave (3) from September) in the direction of the next buy target at the resistance level 0.9200 (target price for the completion of the impulse wave (3)).

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