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 the minor B-wave

  • EUR/GBP rising inside the minor B-wave
  • Next buy target – 0.8500

EUR/GBP continues to rise inside the minor B-wave of the intermediate ABC correction (4) from the start of this month. The active B-wave started earlier last week – when the price corrected up from the support zone lying between the support level 0.8300 and the 38.2% Fibonacci correction of the previous sharp intermediate impulse wave (3) from the end of June.

EUR/GBP is expected to rise further in the active B-wave toward the next buy target at the resistance level 0.8500 (forecast price calculated for the termination of wave B). Buy stop-loss can be placed below the aforementioned support level 0.8300.

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