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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/GBP: sell targets – 0.7130 and 0.7100

By: Dima Chernovolov

  • EUR/GBP reached the sell target 0.7200
  • Next sell targets – 0.7130 and 0.7100

EUR/GBP recently reached the sell target 0.7200 which was set in our previous forecast for this pair. After reaching this sell target EUR/GBP corrected up to the resistance zone lying between the 38.2% and 50% Fibonacci Retracement levels of the earlier sharp minor corrective wave 2, which started earlier this month. The downward reversal from the aforementioned zone continues the strong downtrend which can be seen on the daily EUR/GBP.

EUR/GBP is likely to fall further to the next sell target 0.7130 (which reversed previous waves (B) and 2). If EUR/GBP breaks below the support level 0.7130 – the pair can then fall further to 0.7100.

 

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