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: sell targets - 1.1100 and 1.1000

By: Dmitriy Chernovolov

  • EUR/USD reversed from resistance level 1.1400
  • Next sell targets - 1.1100 and 1.1000

EUR/USD continues to fall after the recent downward reversal from the resistance level 1.1400 (which is the lower boundary of the strong resistance zone which has been reversing the price from the middle of May, as you can see below). The latest downward reversal from the resistance level 1.1400 created the daily Japanese candlesticks reversal pattern Dark Cloud Cover – marking the end of the previous intermediate ABC correction (2) from the start of September.

EUR/USD is likely to fall further in the active impulse wave (3) toward the next sell targets at the support levels 1.1100 and 1.1000. Strong resistance remains at 1.1400.

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