FxWirePro: ETH/EUR trades lower, good to sell on rallies
ETH/EUR pair has broken major support at 55- EMA and declined sharply till 193 levels (KRAKEN). ETH/EUR shown a minor recovery from the low till 238 and is currently trading around 222 at the time of writing. Ichimoku an…
By Sujha Sundararanjan
Updated 1 min read
ETH/EUR pair has broken major support at 55- EMA and declined sharply till 193 levels (KRAKEN). ETH/EUR shown a minor recovery from the low till 238 and is currently trading around 222 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 273
Kijun-Sen level: 289
Minor Trend reversal level - (89 EMA) – 170
Long-term trend remains to be bullish. ETH/EUR trades below short term moving average and this confirms minor weakness, decline till 170 likely.
The major resistance is around 280 (21 EMA) and any break above targets 313 (61.8% retracementg of 385 and 380 (100% projection from 221 to 320.55 till 281.50) /437 (161.8% projection of 113 to 246.70 till 221). Short term support is seen at 200 and any break below will drag the pair till 170/115.
It is good to sell on rallies around 235-240 with SL around 280 for the TP of 200/170.
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