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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: buy target – 0.7430

By: Dima Chernovolov

  • EUR/GBP broke resistance level 0.7280
  • Next buy target – 0.7430

EUR/GBP recently reversed up sharply from the strong support zone lying between the support levels 0.7100 and 0.7000 (this support zone also previously reversed the price in March and in April, as you can see below). The upward reversal from this support zone started the active intermediate correction (2) – which recently broke the resistance level 0.7280 – which intensified the bullish pressure on this currency pair.

EUR/GBP is likely to rise further inside the active intermediate correction (2) toward the next buy target at the resistance level 0.7430. Buy stop-loss can be placed below the support level 0.7280.

 

EUR
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