FxWirePro: LTC/EUR faces strong resistance at 100-DMA, good to sell on rallies
The pair has retreated sharply from the high of 3.5810 levels (BTCE) and is currently trading around 3.44 at the time of writing. Ichimoku analysis of daily chart shows: Tenkan-Sen level: 3.55 Kijun-Sen level: 3.4170 Tre…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
The pair has retreated sharply from the high of 3.5810 levels (BTCE) and is currently trading around 3.44 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 3.55
Kijun-Sen level: 3.4170
Trend reversal level - (90 day MA) - 3.519
Long- term trend remains to be neutral. In the daily chart, pair is facing strong resistance at 100-day MA and any close above confirms further bullishness.
Major resistance is around 3.710 (100- day MA) and any break above targets break above targets 4/4.15 (Jul 2nd 2016 high). Short-term support is seen at 3.370 (Sep 9th 2016 low) and any violation below targets 3.29 (Aug 28th low)/3.134 (61.8% retracement of 2.90 and 3.5130)/2.90 (Aug 2nd low).
