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 – 1.1450

By: Dima Chernovolov

  • EUR/USD reversed from support level 1.1000
  • Next buy target – 1.1450

EUR/USD recently reversed up from the support level 1.1000. The pair earlier reversed up strongly from the support zone lying between the support level 1.0800, the lower daily Bollinger Band and the 61.8% Fibonacci Correction of the previous intermediate (C)-wave from April. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Morning Star.

EUR/USD is likely to rise further toward the next buy target at the strong resistance level 1.1450 (which reversed the previous primary ABC correction ② in May). Buy stop-loss can be placed below the support level 1.1000.

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