2016-03-17_19-41-13eurgbp

Dear Forex Friends,

On todays analysis I will concentrate on the eurgbp daily chart.

When I was inserting fresh support and resistance levels on the chart I noted that price was at resistance.

Todays move was very interesting where price retested resistance gave a nice upper wick and engulfed yesterdays candle.

You may see this touch as a lower high scenario which may lead to a change of trend.

It is the first lower high (number 3) since November 2015.

Resistance: 0.79000 to 0.79500

Support: 0.77500 to 0.77000

Therefore I recommend a short trade on this pair with a stop loss over todays candle.

If price continues its down move then I like to take profits at number 4.

Stochstik is also overbought giving some confluence for this trade idea.

I wish you the BEST OF PIPS

One thought on “Possible Change of Trend for the EURGBP”

  1. Ryan Gandalf van Jaarsveld says:

    Thank you!

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