2016-03-09_21-07-59eurusd

Dear all,

On todays analysis I am focusing on the eurusd daily chart

Price has been going up since the 3rd of December 2015 as can be seen with number one.

Then it found resistance at the level of 1.10400 as number two shows on the chart.

Well price continued north but now we might be given a change of trend.

If price reverses now at the same area 1.10400 then we might be given the first lower high where number six is situated.

If the level holds then price might drop first to the area of number five 1.08800 or for a second target at 1.06000 where number seven is situated.

I am mantaining a bearish bias because price is below the zone of resistance, stochastik is reaching the 80% level and price printed a doji cross and a hanging man candlestick pattern.

BEST OF PIPS

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