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 - 1.0700

By: Dmitriy Chernovolov

  • EUR/USD reached sell targets 1.0900 and 1.0800
  • Next sell target - 1.0700

EUR/USD recently fell sharply – breaking through the support zone lying between the support levels 1.0900 and 1.0800, both of which were set in our previous forecast as the sell targets for this currency pair. The breakout of these support levels is likely to strengthen the bearish pressure on this currency pair in the coming trading sessions.

EUR/USD is expected to fall further in the accelerated impulse wave 3 (which is a part of the intermediate corrective (C)-wave from the end of August) toward the next sell target at the support level 1.0700. Sell stop-loss can be placed inside the resistance zone lying between the resistance levels 1.0900 and 1.0800.

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