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FxWirePro: ETH/EUR upside capped by 10–day MA, good to sell on rallies

Wednesday, December 7, 2016 10:01 AM UTC

ETH/EUR is seen fluctuating and trading in red on Wednesday. The pair recovered sharply from the low of 5.58 made yesterday (KRAKEN). It is currently trading around 6.96 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 7.49

Kijun-Sen level: 7.96

Trend reversal level - (100 day MA) – 10.25

Long-term trend remains to be bearish. ETH/EUR slightly jumped till 7.48 but its upside capped by 10- day MA. Any slight bullishness is only above that level.

The minor resistance is around 7.48 (10- day MA) any break above targets 7.65 (daily Kijun-Sen)/ 8.36 (21- day MA). Short term support is seen at 5.68 (113% retracement of 6.52 and 12.93) and any break below targets 5/4.55 (113% retracement of 6.23 and 19.08).

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FxWirePro: ETH/EUR upside capped by 10–day MA, good to sell on rallies

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