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: sell target - 1.0800

By: Dmitriy Chernovolov

  • EUR/USD falls inside impulse waves 3 and (3)
  • Next sell target - 1.0800

EUR/USD has been falling in the last trading sessions inside the minor impulse wave 3 – which started earlier – when the pair reversed down from the former support trendline from April (acting as resistance now after it was broken by the previous impulse wave 1). The active impulse wave 3 yesterday broke the next support trendline from April – which should strengthen the bearish pressure on this currency pair in the nearest time.

EUR/USD is likely to fall further inside the active impulse waves 3 and (3) toward the next support level 1.0800, which reversed previous intermediate impulse wave (1) in May.

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