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 - 1.1500

By: Dmitriy Chernovolov

  • EUR/USD rises inside intermediate ABC correction (2)
  • Next buy target - 1.1500

EUR/USD continues to rise inside the C-wave of the active intermediate ABC correction (2). This correction started earlier this month – when the pair reversed up from the support zone lying between the support level 1.1100 and the 61.8% Fibonacci Correction of the previous intermediate (C)-wave from the middle of July (which belongs to the extended primary ABC correction ② from March, as you can see below).

EUR/USD is likely to rise further to the next buy target at the resistance level 1.1500 (target price calculated for the completion of the active waves C and (2)).

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