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/GBP: buy target - 0.7400

By: Dmitriy Chernovolov

  • EUR/GBP rises inside impulse wave (3)
  • Next buy target - 0.7400

EUR/GBP continues to rise inside the 3rd intermediate impulse wave (3) - which started earlier this month, when the pair reversed up from the support zone lying between the support level 0.7300 and the 50% Fibonacci correction of the previous sharp minor upward impulse wave 5 from the start of this month. The active impulse wave (3) belongs to the sharp primary impulse wave ③ from the middle of November.

EUR/GBP is likely to rise further to the next buy target at the resistance level 0.7400, which stopped the previous impulse wave (1) earlier this month.


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