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: sell targets - 0.6900 and 0.6800

By: Dmitriy Chernovolov

  • EUR/GBP broke strong support area
  • Next sell targets - 0.6900 and 0.6800

EUR/GBP recently broke sharply through the strong support area located between price levels 0.6980 and 0.7050 (this support area has been reversing the pair from the start of March, as you can see below). The breakout of this support zone accelerated the active minor impulse wave 3 (which belongs to the intermediate downward impulse wave (3) from the start of June, as you can see below).

EUR/GBP is likely to fall further inside the active impulse waves 3 and (3) in the direction of the next sell targets at the support levels 0.6900 and 0.6800.

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