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: buy target - 1.1200

By: Dmitriy Chernovolov

  • EUR/USD reversed from strong support zone
  • Next buy target - 1.1200

EUR/USD continues to rise after the recent sharp upward reversal from the strong support zone lying between the support level 1.8000, the lower daily Bollinger Band and the 61.8% Fibonacci retracement of the previous primary ABC correction ② from March. The upward reversal from this support zone created the strong daily Japanese candlesticks reversal pattern Morning Star (similar to the one which formed in May).

EUR/USD is likely to rise further toward the next buy target at the resistance level 1.1200. Strong support remains at the support level 1.8000.

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