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: sell target - 1.3800

  • EUR/NZD reached sell targets 1.4120 and 1.4000
  • Next sell target - 1.3800

EUR/NZD has been falling in the last few trading sessions – reaching the support levels 1.4120 and 1.4000 – both of which were set as the sell targets in our recent forecast for this instrument. The price earlier corrected up to the resistance zone lying between the resistance level 1.4200 and the 38.2% Fibonacci Correction of the previous sharp downward impulse from the start of April. The price reversed down from this resistance zone with the strong Japanese candlestick reversal pattern – Evening Star (highlighted below).

If EUR/NZD breaks the support level 1.4000, the price can then fall to the next sell target 1.3800. Strong resistance remains at 1.4200.

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