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 - 0.7200

By: Dmitriy Chernovolov

  • EUR/GBP falls inside intermediate impulse wave (3)
  • Next sell target - 0.7200

EUR/GBP continues to fall after the price earlier reversed down strongly from the resistance zone lying between the resistance level 0.7400 (which stopped the previous primary ABC correction ②), the upper daily Bollinger Band and the 38.2% Fibonacci Correction of the previous downward impulse wave from last October. The downward reversal from this resistance zone completed the latest intermediate correction (2).

EUR/GBP is likely to fall further in the active impulse wave (3) toward the next sell target at the support level 0.7200 (former resistance level which reversed the previous wave (4) in July). Strong resistance remains at 0.7400.

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