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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 minor impulse wave 5

  • EUR/GBP rising inside minor impulse wave 5
  • Next buy target - 0.8620

EUR/GBP continues to rise inside the minor impulse wave 5 - which started earlier – when the pair reversed up from the support zone lying between the support level 0.8300 and the 38.2% Fibonacci retracement of the previous sharp upward impulse 3 from the end of June. The active impulse wave 5 belongs to the intermediate impulse wave (3) from the end of May.

EUR/GBP is expected to rise further in the active impulse waves 5 and (3) toward the next buy target at the pivotal resistance level 0.8620 (which stopped the previous minor impulse wave 3 in June, as can be seen below).

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