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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: next sell target - 1.0600

  • EUR/USD reversed from resistance zone
  • Next sell target - 1.0600

EUR/USD recently reversed down from the resistance zone lying between the strong resistance level 1.100 (which has been reversing the price in the last few trading sessions) and the resistance level 1.1125 (former strong support level which reversed the pair at the end of January, as you can see from the daily EUR/USD chart below). This resistance area was further strengthened by the resistance trendline of the daily down channel from December and by the 61.8% Fibonacci Correction of the previous downward impulse from February.

 

With the daily Stochastic indicator close to overbought levels, EUR/USD is likely to fall further inside the active minor corrective wave (b) toward the next sell target at 1.0600. Sell stop-loss can be placed above the resistance level 1.1125.

 

EUR
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