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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/USD: sell targets - 1.0700 and 1.0800

By: Dmitriy Chernovolov

  • EUR/USD falling inside minor B-wave
  • Next sell targets - 1.0700 and 1.0800

EUR/USD continues to fall after the recent downward reversal from the resistance zone lying between the resistance level 1.100, the upper daily Bollinger Band and the 38.2% Fibonacci Correction of the previous sharp downward impulse wave from the end of August. The downward reversal from this resistance zone completed the previous B-wave of the active intermediate ABC correction (4) from the start of December.

EUR/USD is likely to fall further in the active minor B-wave toward the next sell target at the support level 1.0800 – the breakout of which can lead to further losses toward 1.0700.

EUR
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