FxWirePro: ETH/EUR struggles to close above 19, close above confirms further bullishness
ETH/EUR has been trading bit low on Tuesday and the pair has shown a slight recovery after declining till 17.05 levels (KRAKEN). Short term trend is extremely bullish as long as support 16.30 (23.6% retracement of 5.58 a…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
ETH/EUR has been trading bit low on Tuesday and the pair has shown a slight recovery after declining till 17.05 levels (KRAKEN). Short term trend is extremely bullish as long as support 16.30 (23.6% retracement of 5.58 and 19.62) holds. It is currently trading around 17.76 at the time of writing.
Ichimoku analysis of daily chart indicates:
Tenkan-Sen level: 16.13
Kijun-Sen level: 14.74
Minor trend reversal level- 19.08 (Jun 17th, 2016 high)
Major Trend reversal level - (89 day EMA) – 11.77
Long-term trend remains to be bullish. ETH/EUR faces strong resistance around 19 and any close above confirms further bullishness.
The major resistance is around 19 and any break above targets 19.81 (161.8% retracement of 14.38 and 5.58)/ 21.10 (113% retracement of 19.08 and 5.58). Short term support is seen at 17.29 (7 day MA) and any break below will drag the pair till 16.30 (23.6% retracement of 5.58 and 19.62)/14.74 (daily Kijun-Sen).
The combined position reached $1.084 million at its peak, $407,500 above the reported cost; the transfer does not show that the trader realized that difference.
