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: buy target – 1.1600

By: Dima Chernovolov

  • EUR/USD approached resistance level 1.1450
  • Next buy target – 1.1600

EUR/USD recently reversed up from the support level 1.1125 (which is the upper boundary of the former resistance zone lying between price levels 1.1125 and 1.1000). The support zone near the support level 1.1125 was further strengthened by the former resistance trendline of the recently broken daily up channel from March (acting as support now after it was broken). The upward reversal from the support level 1.1125 completed the minor correction 2 – starting the active impulse wave 3.

EUR/USD is currently trading close to the resistance level 1.1450 (which reversed waves (4), 2 and 4 in February). If the pair breaks above 1.1450 - EUR/USD can then rise to the next buy target 1.1600.

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