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: possible upward correction to 0.7100

By: Dima Chernovolov

  • EUR/GBP reached sell target 0.7010
  • Possible upward correction to 0.7100

EUR/GBP opened this trading week with the sharp downward price gap which brought the price to the support levels 0.7010 (low of the previous primary impulse wave ① which was set as the sell target in our previous forecast for this currency pair) and 0.7000. The price immediately reversed up from these support levels and continues to rise at the time of the writing.

EUR/GBP is likely to correct further up toward the next resistance level 0.7100 – from where the pair is likely to reverse down to test the support level 0.7000.


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