FxWirePro: ETH/EUR upside capped by 38.2% fibo, good to sell on rallies
ETH/EUR is seen trading slightly above on Monday. The pair is trading in narrow range between 8.33 and 7.59 for the past four days (KRAKEN). It is currently trading around 7.89 at the time of writing. Ichimoku analysis o…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
ETH/EUR is seen trading slightly above on Monday. The pair is trading in narrow range between 8.33 and 7.59 for the past four days (KRAKEN). It is currently trading around 7.89 at the time of writing.
Ichimoku analysis of daily chart indicates:
Tenkan-Sen level: 6.96
Kijun-Sen level: 7.62
Trend reversal level - (100 day MA) – 10.10
Long-term trend remains to be bearish. ETH/EUR upside is capped by 38.2% fibo at 8.38 and any break above will take the pair till 8.95 is possible.
The major resistance is around 8.04 (21- day MA) any break above targets 8.42 (38.2% retracement of 12.92 and 5.58)/ 8.95 (55- day EMA). Short term support is seen at 7.62 (daily Kijun-Sen) and any break below targets 6.96 (daily Tenekn-Sen)/5.58.
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