- BTC/EUR is consolidating break above 110-EMA, bias skewed to the upside.
- The pair is currently consolidating in narrow range, trades 0.83% higher on the day.
- Price action is grinding higher along 5-DMA which is immediate support at 6212.
- Momentum studies are bullish and RSI has edged above 60 levels. DMIs also support upside in the pair.
- The pair has edged above 6300 mark, and further bullish momentum is likely to see test of 200-DMA.
- On the flip side, break below 110-EMA which is strong support at 6157 will see minor weakness. Retrace below 55-EMA to see reversal in trend.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-BTC-EUR-break-above-110-EMA-raises-scope-for-further-upside-stay-long-on-dips-1423299) is progressing well.
Recommendation: Hold for targets.
FxWirePro Currency Strength Index: FxWirePro's Hourly BTC Spot Index was at 35.0475 (Neutral), while Hourly EUR Spot Index was at -34.8579 (Neutral) at 0930 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
