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 reversed from support zone
  • Next buy target - 0.7800

EUR/GBP recently reversed up from the support zone lying between the pivotal support level 0.7720 (which has been reversing the price from the start of February, as can be seen below) and the 50% Fibonacci correction of the previous sharp upward impulse from last month. The upward reversal from this support zone is aligned with the sharp minor impulse wave 3 – which belongs to the extended intermediate (C)-wave from last November.

EUR/GBP is likely to rise further in the active waves 3 and (C) toward the next buy target at the resistance level 0.7800. Buy stop-loss can be placed below the support level 0.7720.

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