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 reversed from support zone

By: Dmitriy Chernovolov

  • EUR/USD reversed from support zone
  • Next buy target - 1.1460

EUR/USD continues to rise after the price earlier reversed up from the support zone lying between the support level 1.1260 and the 38.2% Fibonacci correction of the previous sharp upward impulse from the start of March. The latest upward reversal from the aforementioned support zone completed the previous minor correction (ii) of the active impulse wave 3 – which belongs to the intermediate (C)-wave from December of 2015.

EUR/USD is likely to rise further in the active impulse waves (iii), 3 and (C) toward the next buy target at the resistance level 1.1460 (which stopped the earlier waves B and (i)).

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