LTC/EUR trades in red on Monday. The pair faces strong support at 4.78 and is trading in a narrow range between 4.55 and 5.05 levels (BTCE) for the past two trading session. It is currently trading around 4.84 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 4.65

Kijun-Sen level: 4.35

Trend reversal level - (90 days MA)-3.69

Long-term trend remains to be bullish. ETH/EUR is facing strong support near 7 days EMA and is expected to break the level 4.78 in the coming days. So dip till 4.40/4 is likely.

Major resistance is seen at 4.95 (61.8% retracement of 5.20 and 4.55) and any break above targets 5.20/5.59 (1.414% retracement of $4.755 and $2.73). Short term support is seen at $4.78 (7 days EMA) and any violation below will drag the pair till $4.40 (21 day MA)$3.90 (Jul 7th low).