FxWirePro: ETH/EUR trades weak, good to sell on rallies
ETH/EUR pair recovered slightly after hitting a low of 275 levels (KRAKEN). Minor term trend is weak as long as resistance 354 holds. It is currently trading around 287 at press time. Ichimoku analysis of 4-Hour Chart sh…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
ETH/EUR pair recovered slightly after hitting a low of 275 levels (KRAKEN). Minor term trend is weak as long as resistance 354 holds. It is currently trading around 287 at press time.
Ichimoku analysis of 4-Hour Chart shows:
Tenkan-Sen level: 302
Kijun-Sen level: 314
Minor Trend reversal level - (200 4H MA) – 240
Long-term trend remains to be bullish. ETH/EUR upside capped by 4H Kijun-sen and any break above confirm minor bullishness.
The major resistance is around 306.80 (4H Kijun-Sen) and any break above targets 317 (21- 4H EMA)/354 (Jun 19th high)/385 (Jun 12th high). Short term support is seen at 258 (Jun 15th 2017 low) and any break below will drag the pair till 240 (200 -4H MA)/200.
It is good to sell on rallies around 300-305 with SL around 330 for the TP of 258/240.
