FxWirePro: ETH/EUR faces strong resistance at 12.92, good to buy on dips
ETH/EUR is seen trading slightly below on Wednesday. The pair has broken resistance at 12.38 (161.8% retracement of 10.95 and 8.64) and jumped sharply from that level (KRAKEN). It is currently trading at 12.23 at the tim…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
ETH/EUR is seen trading slightly below on Wednesday. The pair has broken resistance at 12.38 (161.8% retracement of 10.95 and 8.64) and jumped sharply from that level (KRAKEN). It is currently trading at 12.23 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 11.33
Kijun-Sen level: 11.25
Minor trend reversal level- 12.92 (Sep 21st 2016 high)
Major Trend reversal level - (89 day EMA) – 9.50
Long-term trend remains to be neutral. ETH/EUR faces strong resistance at 12.92 (Sep 21st 2016 high) and any break above targets 13.74 (Jul 23rd high).
The major resistance is around 12.92 (127% retracement of 10.95 and 8.64) and any break above targets 13.74 (Jul 23rd high). Short term support is seen at 11.02 (5- day MA) and any break below will drag the pair till 10.16 (daily Kijun-Sen)/9.51 (89- day EMA).
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