Dear all,

You may see that price retraced to the previous levelof resistance  which is now support.

So far it seems that the level 1.09700 is being tested several times.2016-02-09_23-16-46eurchf1

If we fine tune our analysis we take the help of the 4 hour and 1 hour chart to see if we can gather further information.

And yes the four hour chart shows the the 200 day moving average is holding price now for 16 hours.2016-02-09_23-18-51eurchf3

If you believe that buying from support is a good idea with the help of the 200 day moving average then perhaps you want to pull the trigger.

You would also be buying from a 50% Fib level of the daily chart.

If we continue to fine tune our entry then we see on the 15 min chart that we already have a higher low scenario with number 3 and a higher high scenario with number 4.

If price moves to number 5 because the stochastik is overbought and a new higher low is provided the a bullish trade is suggested.

A 50% retracement predicts a target of a fib extention of 162%  which would be 1.14600.


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