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 - 0.7000

By: Dmitriy Chernovolov

  • EUR/GBP falling inside accelerated impulse waves (3) and ③
  • Next sell target - 0.7000

EUR/GBP has been falling sharply in the last two trading weeks – following the earlier downward reversal from the resistance zone lying between the resistance levels 0.7500 and 0.7400 (which also previously reversed the intermediate corrective wave (A) in May, as you can see below). The downward reversal from this resistance zone started the active primary impulse wave ③ - which then broke the daily Rising Wedge from July and the support levels 0.7250, 0.7200 and 0.7100.

EUR/GBP is likely to fall in the accelerated impulse waves (3) and ③ toward the next sell target at the round support level 0.7000.

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