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 - 1.1400

By: Dmitriy Chernovolov

  • EUR/USD reached buy target 1.1200
  • Next buy target - 1.1400

EUR/USD yesterday broke above the resistance level 1.1200 – which was set as the buy target in our previous forecast for this currency pair. The pair earlier reversed up sharply from the support zone lying between the former resistance trendline from the start of the year (acting as support now after it was broken previously) and 50% Fibonacci Correction of the earlier upward impulse wave from July.

The breakout of the resistance level 1.1200 is likely to strengthen the bullish pressure on this currency pair in the coming trading sessions. EUR/USD is set to rise further in the active minor corrective wave 2 toward the next buy target at the resistance level 1.1400.


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