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 zone
  • Next sell target - 1.1100

EUR/USD continues to fall after the pair reversed down once again from the resistance zone lying between the resistance level 1.1300 (which reversed the price at the end of August) and the 50% Fibonacci Correction of the previous sharp downward impulse wave from the end of the previous intermediate ABC correction (2). The downward reversal from this resistance zone continues the active intermediate impulse wave (3).

EUR/USD is likely to fall further inside the active impulse wave (3) (which belongs to the primary downward impulse③ from August) toward the next sell target at the support level 1.1100 (low of previous impulse wave (1)).

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