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: buy target – 1.1500

By: Dmitriy Chernovolov

  • EUR/USD approaching resistance level 1.1380
  • Next buy target – 1.1500

EUR/USD continues to rise inside the (c)-wave of the minor ABC correction 2 from the start of this month. The active (c)-wave earlier reversed up from the support zone lying between the support level 1.1150 and the 38.2% Fibonacci correction of the previous sharp (a)-wave. The price today broke above the resistance level 1.13420, which stopped the aforementioned (a)-wave.

EUR/USD is currently approaching the resistance level 1.1380 (which stopped the previous intermediate ABC correction (2) in February). If the price breaks above 1.1380 – the pair can then rise to the next buy target at the strong resistance level 1.1500.

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