- BTC/EUR breaks major trendline resistance at 6650, bias remains higher.
- Momentum studies are bullish. Stochs and RSI sharply higher.
- MACD supports trend higher and has edged above zero levels and we see +ve DMI dominance.
- Price action has broken above daily cloud top and breakout at trendline opens upside till 200-DMA.
- Breakout at 200-DMA required for further gains. Next bull target above 200-DMA lies at 23.6% Fib at 7483.
- On the flipside, we see weakness only on retrace below 110-EMA at 6354. Drag till 6000 (55-EMA) then likely.
Support levels - 6650 (trendline), 6466 (5-DMA), 6354 (110-EMA), 6000
Resistance levels - 7185 (200-DMA), 7483 (23.6% Fib), 8000
Recommendation: Good to go long on breakout at trendline, SL: 6470/ TP: 7000/ 7220/ 7480
Call update: Our previous call (https://www.econotimes.com/FxWirePro-BTC-EUR-pauses-shy-of-stiff-resistance-at-6650-break-above-targets-200-DMA-1406808) is progressing well.
Recommendation: Hold for targets.
FxWirePro Currency Strength Index: FxWirePro's Hourly BTC Spot Index was at 112.755 (Bullish), while Hourly EUR Spot Index was at -149.966 (Bearish) at 0745 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
