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 - 1.0500

By: Dmitriy Chernovolov

  • EUR/USD reached sell target 1.0600
  • Next sell target - 1.0500

EUR/USD recently broke below the support level 1.0600, which was set in our previous forecast as the sell target for this currency pair. The breakout of this support level continues the active minor impulse wave (iii) - which started recently, when the pair reversed down with the daily Japanese candlesticks reversal pattern Bearish Engulfing from the resistance zone lying between the resistance level 1.0700 and the 38.2% Fibonacci Correction of the previous downward impulse from the start of this month.

EUR/USD is likely to fall further in the active impulse waves (iii), 3 and C toward the next sell target at the support level 1.0500 (target price calculated for the completion of the active impulse wave (iii)).

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