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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/GBP rising inside intermediate impulse wave (3)

  • EUR/GBP rising inside intermediate impulse wave (3)
  • Next buy target - 0.8500

EUR/GBP continues to rise inside the intermediate impulse wave (3), which earlier broke through the two consecutive resistance levels 0.8000 (previous buy target set in our earlier forecast for this currency pair) and 0.8100 (strong resistance level, which stopped the previous primary upward impulse wave Ⓐ at the start of April, as can be seen from the daily EUR/GBP chart below).

EUR/GBP just broke the resistance trendline of the daily up channel from last November- which adds to the probability the pair will continue to rise toward the next buy target at 0.8500 (forecast price for the completion of wave (3)).

 

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