FxWirePro: ETH/EUR trades higher, good to buy on dips
ETH/EUR pair has formed a minor bottom around 113 and jumped sharply near all-time high from that level (KRAKEN). The pair jumped till 200 at the time of writing and it is currently trading around 192 at the time of writ…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
ETH/EUR pair has formed a minor bottom around 113 and jumped sharply near all-time high from that level (KRAKEN). The pair jumped till 200 at the time of writing and it is currently trading around 192 at the time of writing.
Ichimoku analysis (4-Hour Chart):
Tenkan-Sen level: 176.05
Kijun-Sen level: 156.50
Minor Trend reversal level - (200 4H MA) – 130
Long-term trend seems to be bullish. ETH/EUR faces minor support at 21- 4H EMA and any break below confirms minor weakness. The pair is trading higher in the 4H chart and any close below cloud bottom will drag the pair till 113.
The major resistance is around 206 and any break above targets 250 (61.8% projection from 67.25 to 206 from 113)/263 (161.8% retracement of 206.79 and 113). Short term support is seen at 170 (21 4H EMA) and any break below will drag the pair till 142 (89- 4H EMA)/113 (May 27th low).
It is good to buy on dips around 160-165 with SL around 130 for the TP of 206/250.
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