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 - 0.8000

By: Dmitriy Chernovolov

  • EUR/GBP rising inside impulse waves 3 and (3)
  • Next buy target - 0.8000

EUR/GBP has been rising strongly in the last few trading sessions inside the 3rd minor impulse wave 3, which belongs to the intermediate impulse wave (3) from January. The active impulse wave 3 started earlier this month – when the pair reversed up from the support zone lying between the support level 0.7750 (previous resistance level and the buy target set earlier for this currency pair) and the 50% Fibonacci correction of the previous upward impulse from the start of February.

Having recently broken above the resistance level0.7850 - EUR/GBP is set to rise further toward the next buy target at the next round resistance level 0.8000.

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