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/TRY approached strong resistance level 3.4000

  • EUR/TRY approached strong resistance level 3.4000
  • Next buy target – 3.4700

EUR/TRY has been rising sharply in the last few trading days inside the minor impulse wave 3 – which started earlier – when the pair reversed up from the support zone lying between the pivotal support level 3.1880 (which reversed the price multiple times in March), lower daily Bollinger Band, 50% Fibonacci correction of the previous upward impulse form November and the support trendline of the daily up channel from May of 2015.

EUR/TRY is currently trading close to the strong resistance level 3.4000 (top of the previous impulse wave 1). If the pair breaks above 3.4000 - EUR/TRY can then rise to the next buy target at the major resistance level 3.4700.

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