FxWirePro: ETH/EUR downside capped by 61.8% fibo, good to buy on dips
ETH/EUR pair has shown a minor profit booking after hitting fresh all-time high at 206 yesterday (KRAKEN) and it is currently trading around 169 at press time. Ichimoku analysis of 4 hour chart shows: Tenkan-Sen level: 1…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
ETH/EUR pair has shown a minor profit booking after hitting fresh all-time high at 206 yesterday (KRAKEN) and it is currently trading around 169 at press time.
Ichimoku analysis of 4 hour chart shows:
Tenkan-Sen level: 181
Kijun-Sen level: 168
Minor Trend reversal level - (200 4H MA) – 80.30
Long-term trend remains to be bullish. ETH/EUR downside is capped by 61.8% fibo and any minor weakness can be seen only below that level.
The major resistance is around 203 (161.8% retracement of 175.64 and 130) and any break above targets 218 (161.8% retracement of 199.62 and 168.65). Short term support is seen at 168 (21 4H EMA) and any break below will drag the pair till 159 (61.8% retracement of 130 and 206)/ 130 (May 22nd low)/118 (89 4H EMA).
It is good to buy on dips around 165 with SL around 130 for the TP of 203/218.
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