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 - 0.7750

By: Dmitriy Chernovolov

  • EUR/GBP reached buy target 0.7650
  • Next buy target - 0.7750

EUR/GBP continues to rise after the recent breakout of the resistance level 0.7650, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level strengthened the bullish pressure on EUR/GBP – accelerating the active minor impulse wave 3 from the start of February, which belongs to the intermediate impulse wave (3) of the primary impulse ③ from the middle of November.

EUR/GBP is likely to rise further toward the next buy target at the resistance level 0.7750 (forecast price calculated for the completion of the active impulse wave 3; this level stopped the previous intermediate impulse wave (1) in January).

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