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 Falling Inside Minor Corrective Wave

By: Dmitriy Chernovolov

  • EUR/GBP falling inside minor corrective wave (ii)
  • Next sell target - 0.7800

EUR/GBP continues to fall inside the minor corrective wave (ii), which started recently when the pair reversed down from the strong resistance area lying between the resistance levels 0.8100 and 0.8000 (as can be seen from the daily EUR/GBP chart below). The price earlier reversed down from the aforementioned resistance level 0.8000, which started the active minor impulse wave (c).

Having recently broken the sharp daily up channel from November - EUR/GBP is likely to fall further in the active (c)-wave toward the next sell target at the support level 0.7800 (target price for the completion of wave (ii)).

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