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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 0.7300

By: Dmitriy Chernovolov

  • EUR/GBP reached buy target 0.7200
  • Next buy target 0.7300

EUR/GBP yesterday rose sharply reaching the resistance level 0.7200, which was set as the buy target in our previous forecast for this currency pair. The price earlier reversed up from the support level 0.7050, which is the upper boundary of the strong support zone, which has been reversing the pair from March, as you can see below).

If the price breaks above the resistance level 0.7200 - EUR/GBP can then rise in the active wave 2 toward the next buy target at the next resistance level 0.7300. The price will need to break the weekly resistance trendline from December – to reach this buy target.

EUR
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