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 rising inside intermediate corrective wave (2)

By: Dmitriy Chernovolov

  • EUR/GBP rising inside intermediate corrective wave (2)
  • Next buy target - 0.8000

EUR/GBP has been rising in the last few trading sessions inside the second intermediate corrective wave (2) – which started previously – when the pair reversed up from the support zone lying between the support level 0.7730 (which has been reversing the price from February), lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward impulse from January. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing.

EUR/GBP is expected to rise further toward the next buy target at the round resistance level 0.8000 (forecast price calculated for the completion of the active intermediate wave (2)).

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