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 targets - 1.0800 and 1.0700

By: Dmitriy Chernovolov

  • EUR/USD falling inside impulse waves 3 and (3)
  • Next sell targets - 1.0800 and 1.0700

EUR/USD continues to fall after the recent downward reversal from the resistance area lying between the resistance level 1.1000 (which also previously reversed the price at the start of November) and the 38.2% Fibonacci Correction of the previous sharp downward impulse wave from the end of August (as you can see from the daily EUR/USD chart below).

EUR/USD is likely to continue to fall in the active impulse waves 3 and (3) toward the next sell target at the support level 1.0800 – the breakout of which can lead to further losses toward 1.0700.

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