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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/NZD broke strong support level 1.6120

EUR/NZD broke strong support level 1.6120
Next sell target - 1.5840

EUR/NZD continues to decline – following the earlier breakout of the powerful support level 1.6120 (which reversed the previous waves (1) and B and which was set as the sell target in our previous forecast for this currency pair). The support level 1.6120 is also the lower boundary of the wide sideways price range inside which the pair has been trading from the end of February, as can be seen below.

EUR/NZD is likely to fall further in the active impulse wave 3 (which belongs to the intermediate impulse wave (3) from the start of May) toward the next sell target at the support level 1.5840 (which stopped the earlier downward impulse in December).

EUR
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