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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 target - 1.1100

By: Dmitriy Chernovolov

  • EUR/USD reversed from resistance area
  • Next sell target - 1.1100

EUR/USD continues to fall after the recent sharp downward reversal from the resistance zone lying between the resistance level 1.1300 and the 50% Fibonacci Correction of the previous sharp downward price impulse from the strong resistance level 1.1400. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Falling Star, as you can see below.

EUR/USD is likely to fall further – inside the active intermediate impulse wave (3) – toward the next sell target at the support level 1.1100 (which stopped the previous sharp intermediate impulse wave (1) at the start of this month).

EUR
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