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: buy target - 0.7280

By: Dima Chernovolov

  • EUR/GBP reached sell target 0.7130
  • Next buy target - 0.7280

EUR/GBP recently reversed up after the pair reached the strong support level 0.7130 (which reversed earlier waves (B), (ii) and 2), which was set as the sell target in our previous report for this currency pair. The support zone near 0.7130 is strengthened by the support trendline of the daily up channel from March and by the former, longer-term, resistance trendline from December – acting as support now after it was broken at the end of April (as you can see from the daily EUR/GBP chart below).

EUR/GBP is likely to correct further up from the current levels toward the next buy target 0.7280 (which reversed the price at the start of this week). Buy stop-loss can be placed below the support level 0.7130.

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