- BTC/EUR extends gains above 5-DMA, has shown a clear break above 110-EMA.
- Upside has has paused shy of stiff trendline resistance at 6650, break above to see further gains.
- Price action has broken above daily cloud top and breakout at trendline to see gains till 200-DMA.
- Momentum is with the bulls. Stochs and RSI sharply higher. MACD supports trend and we see +ve DMI dominance.
- We see weakness only on retrace below 110-EMA. Drag till 5940 (55-EMA) then likely.
Support levels - 6373 (5-DMA), 6344 (110-EMA), 5969 (55-EMA)
Resistance levels - 6650 (trendline), 7221 (200-DMA), 7483 (23.6% Fib)
Recommendation: Good to go long on breakout at trendline, SL: 6470/ TP: 7000/ 7220/ 7480
FxWirePro Currency Strength Index: FxWirePro's Hourly BTC Spot Index was at 98.597 (Bullish), while Hourly EUR Spot Index was at -74.2754 (Neutral) at 0745 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
