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 - 1.0900 and 1.0800

By: Dmitriy Chernovolov

  • EUR/USD reversed from resistance zone
  • Next sell targets - 1.0900 and 1.0800

EUR/USD continues to decline after the recent sharp downward reversal from the resistance zone lying between the former support trendline of the wide daily up channel from March (acting as support now after it was broken) and the resistance level 1.1100 (former pivotal support level which stopped the intermediate impulse wave (1) at the start of September, as you can see below). The downward reversal from this resistance zone continues the active intermediate impulse wave (3) from October.

EUR/USD is likely to fall to the next sell targets at the next support levels 1.0900 and 1.0800. Strong resistance remains at 1.1100.

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