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 target - 0.6930

By: Dmitriy Chernovolov

  • EUR/GBP reversed from resistance zone
  • Next sell target - 0.6930

EUR/GBP continues to fall strongly – after the pair earlier reversed down from the resistance zone lying between the resistance levels 0.7200 and 0.7130. This resistance zone was further strengthened by 38.2% Fibonacci Correction of the previous extended downward impulse wave from the start of May. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Dark Cloud Cover.

EUR/GBP is expected to fall further inside the active C-wave from May – toward the next sell target at the support level 0.6930 (which stopped the previous downward impulse wave from the end of wave (ii)).

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