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/USD broke support zone

  • EUR/USD broke support zone
  • Next sell target 1.0950

EUR/USD continues to fall inside the minor impulse wave (iii) – which belongs to the impulse wave 3 from August. The pair earlier broke through the support zone lying between the strong support level 1.1150 (which has been reversing the price form August) and the 50% Fibonacci correction of the previous upward impulse from July.

The breakout of the aforementioned support zone intensified the bearish pressure on this currency pair. EUR/USD is expected to fall further toward the next sell target at the support level 1.0950 (which previously reversed the price sharply in June and July).

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