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/NZD: buy target - 1.8270

By: Dmitriy Chernovolov

  • EUR/NZD broke sideways price range
  • Next buy target - 1.8270

EUR/NZD recently rose above the resistance level 1.7850 (which is the upper boundary of the sideways price range inside which the pair has been trading from the end of August, as you can see below). The lower boundary of this price range stands at the support level 1.7330. The breakout of this price range continues the active minor correction 2, which started earlier in August – when the pair reversed up from the lower boundary of this price range with the daily Morning Star.

EUR/NZD is likely to rise further toward the next buy target at 1.8270 (target price calculated for the completion of the active wave 2).

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