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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: sell target - 1.0900

By: Dmitriy Chernovolov

  • EUR/USD reversed from resistance zone
  • Next sell target - 1.0900

EUR/USD continues to fall inside the minor impulse wave 3 – which started earlier - when the pair reversed down from the resistance zone lying between the resistance level 1.1050, 38.2% Fibonacci correction of the previous sharp minor impulse wave 1 from last month and the former support trendline of the recently broken daily up channel from last December (acting as resistance now after it was broken).

EUR/USD is likely to fall further in the active impulse waves 3 and (3) toward the next sell target at the support level 1.0900. Sell stop-loss can be placed above the resistance level 1.1050.

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