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 1.1300

By: Dmitriy Chernovolov

EUR/USD reached sell target 1.1300

Next sell target - 1.1220

EUR/USD continues to fall after the earlier breakout of the support zone lying between the support level 1.1300 (previous sell target set in our earlier forecast for this currency pair) and the 38.2% Fibonacci correction of the preceding sharp upward impulse wave from the start of March. The breakout of this support zone is likely to accelerate the active minor impulse wave 3 - which belongs to intermediate impulse wave (3) from the start of May.

EUR/USD is expected to fall further toward the next sell target at the support level 1.1220 (which stopped the previous minor correction (iv) in April, as can be seen below).


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