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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 approached sell target 1.5200

  • EUR/NZD approached sell target 1.5200
  • Next sell target - 1.5000

EUR/NZD continues to fall inside the minor impulse wave (v), which is a part of impulse 3 of the intermediate downward impulse wave (3) from the start of May. The pair earlier reversed down from the resistance zone located between the resistance level 1.5600 and the 38.2% Fibonacci correction of the earlier sharp downward impulse from June. The downward reversal from this resistance zone started the active minor impulse wave (v).

EUR/NZD is currently approaching the support level 1.5200 (previous sell target set for this currency pair). If the price breaks below 1.5200 - EUR/NZD can then fall further to the next sell target at 1.5000.

 

EUR
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