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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: buy target - 0.7100

By: Dmitriy Chernovolov

  • EUR/GBP reached sell target 0.7040
  • Next buy target - 0.7100

EUR/GBP today reversed up sharply - after the price reached the pivotal support level 0.7040, which was set as the sell target in our previous forecast for this currency pair. This support level also previously reversed the price sharply at the start of this month and in the middle of August – as you can see from the daily EUR/GBP chart below.

Given the strength of the support level 0.7040 and the fact that the daily Stochastic indicator has not yet fully recovered from the oversold territory - EUR/GBP can be expected to correct up further to the next buy target at the next resistance level 0.7100. EUR/GBP is likely to reverse down after reaching 0.7100.

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