FxWirePro: ETH/EUR downside capped by 61.8% fibo, good to buy on dips
ETH/EUR pair is trading in narrow range between 230 and 262 for the past three trading session. It has formed a temporary top around 385 and further bullish continuation only above that level. It is currently trading aro…
By Sujha Sundararanjan
Updated 1 min read
ETH/EUR pair is trading in narrow range between 230 and 262 for the past three trading session. It has formed a temporary top around 385 and further bullish continuation only above that level. It is currently trading around 249.29 at press time.
Ichimoku analysis of daily chart indicates:
Tenkan-Sen level: 243
Kijun-Sen level: 289
Minor Trend reversal level - (89 EMA) – 183
Long-term trend remains to be bullish. ETH/EUR faces intraday major support at 230 (61.8% retracement of 193 and 293) and any break below will drag the pair till 193.
The major resistance is around 267 (trend line joining 385 and 353) and any break above targets 293/ 313 (61.8% retracement of 385 and 193). Short term support is seen at 230 and any break below will drag the pair till 193/170/115.
It is good to buy on dips around 245 with SL around 230 for the TP of 292/313.
The Ethereum Foundation said developers are examining EIP-8037’s possible effects on deployed contracts. No replacement activation date has been announced.
