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: buy targets - 1.1200 and 1.1300

By: Dmitriy Chernovolov

  • EUR/USD broke resistance zone
  • Next buy targets - 1.1200 and 1.1300

EUR/USD continues to rise inside the C-wave of the intermediate ABC correction (4) from the start of December. The active C-wave earlier broke the resistance zone lying between the resistance levels 1.1050 and 1.0970 (which has been repeatedly reversing the price from the start of December, as can be seen below). The breakout of this resistance zone coincided with the breakout of the 38.2% Fibonacci correction of the previous downward impulse from August.

EUR/USD is likely to rise further in the active intermediate ABC correction (4) toward the next buy targets at the resistance levels 1.1200 and 1.1300. Strong support now stands at 1.1050 and 1.0970.

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