FxWirePro: ETH/EUR forms strong resistance at 10.95, good to buy on dips
ETH/EUR is seen trading below on Thursday. The pair made a slight jump till 10.09 yesterday and started to decline from that level (KRAKEN). It is currently trading at 9.86 at the time of writing. Ichimoku analysis of da…
ETH/EUR is seen trading below on Thursday. The pair made a slight jump till 10.09 yesterday and started to decline from that level (KRAKEN). It is currently trading at 9.86 at the time of writing.
Ichimoku analysis of daily chart indicates:
Tenkan-Sen level: 9.906
Kijun-Sen level: 9.5196
Minor trend reversal level- 11.12 (76.4% retracement of 12.84 and 5.58)
Major Trend reversal level - (60 day EMA) – 9.18
Long-term trend remains to be neutral. ETH/EUR formed a temporary top around 10.95 on Jan 5th Jan 2017 high and any further bullishness can be seen only above that level.
The major resistance is around 10.42 (76.4% retracement of 10.95 and 8.64) and any break above that level will take the pair till 10.95 (Jan 5th high)/11.12 (76.4% retracement of 12.84 and 5.58). Short term support is seen at 9.72 (21- day MA) and any break below will drag the pair till 9.50 (30- day EMA)/9.18 (60- day EMA)/8.64 (Jan 12th, 2017 low).
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