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/NZD: sell target - 1.5720

By: Dmitriy Chernovolov

  • EUR/NZD broke sideways price range
  • Next sell target - 1.5720

EUR/NZD continues to fall strongly – following the earlier breakout of the support level 1.6200, which is the lower boundary of the narrow sideways price range inside which the pair has been trading from the end of October (the upper boundary of this price range stands at the resistance level 1.6500). The breakout of the support level 1.6200 accelerated the active intermediate impulse wave (3), which belongs to the primary impulse wave ③ , which started from the resistance level 1.6500 in November.

EUR/NZD is likely to fall further inside the active impulse waves (3) and ③ toward the next sell target at the support level 1.5720.

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