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 - 0.7800

By: Dmitriy Chernovolov

  • EUR/GBP rising inside impulse waves 3 and (3)
  • Next buy target - 0.7800

EUR/GBP has been rising sharply in the last few trading sessions – following the earlier breakout of the long-term pivotal resistance level 0.7470 (which has been reversing the price from last May, as you can see from the daily EUR/GBP chart below). The breakout of the resistance level 0.7470 greatly accelerated the active minor impulse wave 3 (which belongs to the intermediate impulse wave (3) from the start of January) – leading to the breakout of the next resistance levels 0.7600 and 0.7700.

EUR/GBP is likely to continue to rise in the active impulse waves 3 and (3) toward the next buy target at the next resistance level 0.7800 (target price calculated for the termination of wave 3).

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