FxWirePro: ETH/EUR trades slightly below 10- day MA, dip till 65 likely
ETH/EUR pair declined broadly on account of profit booking after hitting a life time high at 87.98 (Kraken). ETH/EUR has broken minor support at 71.11 low made on May 7th 2017. It is currently trading around 72.30 at the…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
ETH/EUR pair declined broadly on account of profit booking after hitting a life time high at 87.98 (Kraken). ETH/EUR has broken minor support at 71.11 low made on May 7th 2017. It is currently trading around 72.30 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 74.61
Kijun-Sen level: 65.64
Minor Trend reversal level - (May 1st low) – 61.25
Long-term trend remains to be bullish. ETH/EUR trades slightly below 10- day MA, decline till 65/61.50 likely.
The minor resistance is around 74.60 (daily Tenken-Sen) and any break above targets 81.26 (61.8% retracement of 87.98 and 70.11)/87.95. Short term support is seen at 69 (38% retracement of 38.40 and 87.98) and any break below will drag the pair till 64.43 (21 EMA)/61.25 (May 1st low).
MSCI expects to name potentially affected constituents already in its indexes Nov. 11; any resulting changes are scheduled after the Nov. 30 market close.
