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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/GPB: buy target – 0.7200

By: Dmitriy Chernovolov

  • EUR/GPB reversed from strong support zone
  • Next buy target – 0.7200 

EUR/GPB recently reversed up sharply from the powerful support zone located between the support levels 0.7060 and 0.7000 (this support also previously reversed the sharp primary impulse wave ① in March, as you can see below). The strength of this support zone is also indicated by the clear bullish divergence that can be seen on the daily Momentum indicator.

Given the strength of the aforementioned support zone, EUR/GPB can be expected to rise further toward the next buy target at the resistance level 0.7200.

EUR
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