FxWirePro: ETH/EUR upside capped by 7- day EMA, good to sell on rallies
ETH/EUR is seen fluctuating on Tuesday. The pair has broken major support 7.20 and declined till 6.72 levels (KRAKEN). It is currently trading around 6.94 at the time of writing. Ichimoku analysis of daily chart indicate…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
ETH/EUR is seen fluctuating on Tuesday. The pair has broken major support 7.20 and declined till 6.72 levels (KRAKEN). It is currently trading around 6.94 at the time of writing.
Ichimoku analysis of daily chart indicates:
Tenkan-Sen level: 7.28
Kijun-Sen level: 6.96
Minor trend reversal level- 7.45 (21- day EMA)
Major Trend reversal level - (100 day MA) – 9.62
Long-term trend remains to be bearish. ETH/EUR upside capped by 7- day EMA and slight jump can be seen above that level.
The major resistance is around 7.06 (7 day EMA) any break above targets 7.44 (21- day EMA)/ 7.74 (61.8% retracement of 8.33 and 6.72)/ 8.35 (Dec 8th high)/ 8.54 (55- day EMA). Short term support is seen at 6.96 (Daily Kijun-Sen) and any break below will drag the pair till 6.62 (61.8% retracement of 5.58 and 8.33)/5.58.
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