FxWirePro: ETH/EUR downside capped by 7- day MA, good to buy on dips
ETH/EUR pair has shown huge recovery after declining till 28 levels (KRAKEN). ETH/EUR jumped till 41.98 and is currently trading around 39.55 at the time of writing. Ichimoku analysis of daily chart indicates: Tenkan-Sen…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
ETH/EUR pair has shown huge recovery after declining till 28 levels (KRAKEN). ETH/EUR jumped till 41.98 and is currently trading around 39.55 at the time of writing.
Ichimoku analysis of daily chart indicates:
Tenkan-Sen level: 33.42
Kijun-Sen level: 29.47
Major Trend reversal level - (daily Kijun-Sen) – 29.47
Long-term trend remains to be bullish. ETH/EUR faces strong support at 35.85 (7 day MA) and any break below will confirm minor weakness.
The major resistance is around 42 and any break above targets 45.32 (88.6% retracement of 47 and 47. Short term support is seen at 35.85 (7- day MA) and any break below will drag the pair till 34.83 (38.2% retracement of 15.15 and 47)/31.07 (50% retracement of 15.15 and 47)/32.95 (Hourly Kijun-Sen).
