FxWirePro: LTC/EUR faces strong resistance around 4.00, good to sell on rallies
LTC/EUR is seen trading above on Wednesday and faces strong resistance. The pair is trading in narrow range between 4 and 3.63 levels (BTCE) for the past three trading session. It is currently trading around 3.71 at the …
LTC/EUR is seen trading above on Wednesday and faces strong resistance. The pair is trading in narrow range between 4 and 3.63 levels (BTCE) for the past three trading session. It is currently trading around 3.71 at the time of writing.
Ichimoku analysis of 4-hour chart shows:
Tenkan-Sen level: 3.70
Kijun-Sen level: 3.76
Trend reversal level - (90 day MA) - 4.015
Short- term trend remains to be bearish. In 4-hour chart the pair is trading below 21 4 HMA. So, slight decline till 3.000 is possible.
Major resistance is seen at 3.76 (Hourly Kijun-Sen) and break above targets 3.94 (55 4H EMA)/4.20 (200 4H MA). Short term support can be noticed at 3.52 and any violation below will drag the pair till 3.00/ 2.60(Jan 1st 2016 low).
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