Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: ETH/EUR dips below 78.6% Fib, eyes trendline support at 355

  • ETH/EUR upside rejected at 21-EMA, the pair fails to hold break above.
     
  • Price action has dipped below 78.6% Fib to hit 2-week lows at 361.
     
  • The pair is trading in a symmetric triangle pattern and upside has been rejected shy of Triangle Top.
     
  • Price is consolidating previous session's losses, trades 1.52% higjer at the time of writing, bias lower.
     
  • 21-EMA is also stiff resistance currently at 403 levels. Upside on the day has been struggling to extend gains above 400 mark.
     
  • Price action in the pair remains below major EMAs and well below the daily cloud.
     
  • Break above 78.6% Fib now targets major trendline support at 355 levels. Break below trendline could see further weakness in the pair. 
     
  • Technical indicators are bearish, but we see bullish divergence on RSI and Stochs which keeps scope for upside.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-ETH-EUR-fails-to-hold-break-above-21-EMA-dips-till-786-Fib-371-likely-1400795) has hit TP 1. 

Recommendation: Book partial profits, stay short for 355.
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.