FxWirePro: LTC/EUR faces strong resistance at 21 day MA, good to sell on rallies

LTC/EUR is seen trading in red on Thursday and faces strong resistance. The pair has retreated after making a high of 3.9980 levels (BTCE) yesterday. It is currently trading around 3.77 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 3.88

Kijun-Sen level: 4.126

Trend reversal level - (90 day MA) – 3.74

Long-term trend remains to be bullish and short-term trend is seen bearish. In daily chart, LTC/EUR is facing strong resistance at 21 days MA. So bullishness can be seen only above that level.

Major resistance is noticed at 4.05 (21 day MA) and break above targets 4.13/4.38 (61.8% retracement of 5.20 and 3.04). Short term support is seen at 3.74 (90 days EMA) and any violation below will drag the pair till 3.59 (Jun 25th low)/3.40 (61.8% retracement of 3.04 and 4.00)/3.04 (Jun 23rd low).