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 - 0.70400

By: Dmitriy Chernovolov

  • EUR/GBP falling inside intermediate impulse wave (3)
  • Next sell target - 0.70400

EUR/GBP continues to fall inside the 3rd intermediate impulse wave (3), which is a part of the primary impulse wave ③ from the middle of October. The active impulse wave (3) started earlier this month – when the pair reversed down from the resistance zone lying between the resistance level 0.7200 (former support level which reversed previous (B)-wave in September) and the 38.2% Fibonacci correction of previous intermediate impulse wave (1).

EUR/GBP is likely to fall further inside the active impulse wave (3) toward the next sell target at the support level 0.70400 (which stopped previous impulse wave (1)).

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