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/USD reversed from support area

  • EUR/USD rising inside minor correction (ii)
  • Next buy target – 1.1150

EUR/USD recently reversed up sharply from the support area located between the strong support level 1.0950 (which also previously reversed the earlier minor impulse wave (i) in June), the lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp intermediate ABC correction (2) from last December, as can be seen below. The upward reversal from this support area accelerated the active minor correction (ii) from June.

EUR/USD is likely to rise further to the next buy target at the resistance level 1.1150 (which reversed the pair with the daily Japanese candlesticks reversal pattern Shooting Star in June).


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