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 reached sell target 1.1400

By: Dmitriy Chernovolov

  • EUR/USD reached sell target 1.1400
  • Next sell target - 1.1300

EUR/USD has been falling in the last few trading sessions inside the intermediate impulse wave (3) – which started earlier – when the pair reversed down with the daily Falling Star from the pivotal resistance level 1.1600. This Falling Star formed well outside of the upper daily Bollinger Band – which multiplied the strength of this bearish signal. The price earlier broke through the support level 1.1400 (previous sell target set for this currency pair).

EUR/USD is expected to fall further toward the next sell target at the support level 1.1300, standing close to the 38.2% Fibonacci correction level of the previous sharp upward impulse from the start of March.

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