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 - 1.0600

By: Dmitriy Chernovolov

  • EUR/USD reached sell target 1.0700
  • Next sell target - 1.0600

EUR/USD continues to fall after the recent breakout of the support level 1.0700, which was set as the sell target in our previous forecast for this currency pair. The price earlier reversed down sharply from the resistance zone lying between the resistance level 1.0800 (the lower boundary of the resistance zone located between price levels 1.0800 and 1.0880). The downward reversal from this resistance zone started the active impulse wave (v) of the 3rd minor impulse wave 3 from October.

EUR/USD is likely to fall further toward the next sell target at the next pivotal support level 1.0600 (which reversed the previous sharp wave (ii) in April).

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