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 - 0.7150

By: Dmitriy Chernovolov

  • EUR/GBP falls inside intermediate (C)-wave
  • Next sell target - 0.7150

EUR/GBP recently reversed down strongly - after making a few unsuccessful attempts to break above the resistance level 0.7350 (which is the lower border of the powerful resistance area which has been reversing the price multiple times from March, as you can see from the daily EUR/GBP chart below). The upper boundary of this resistance area stands at 0.7400. The latest downward reversal from 0.7350 started the active impulse wave 3- which belongs to the intermediate (C)-wave from August.

EUR/GBP is likely to fall further in the active waves 3 and (C) toward the next sell target at the 0.7150. Strong resistance remains at 0.7350.

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