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 -1.1150

By: Dmitriy Chernovolov

  • EUR/USD reversed from pivotal resistance level 1.1340
  • Next sell target -1.1150

EUR/USD recently reversed down from the pivotal resistance level 1.1340, which previously reversed the price strongly at the start of February, as can be seen from the daily EUR/USD chart below. The resistance zone near the resistance level 1.1340 was strengthened by the upper daily Bollinger Band. The downward reversal from the resistance level 1.1340 stopped the active minor impulse wave 3 of the intermediate (C)-wave from the start of December.

Given the overbought reading on the daily Stochastic indicator and the strength of the resistance level 1.1340 - EUR/USD can be expected to fall further from the current levels toward the next sell target at the support level 1.1150.

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