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FxWirePro: BTC/EUR capped below 5-DMA, decisive break above could see minor upside

  • BTC/EUR capped below 5-DMA. The pair is extending grind against 5-DMA.
     
  • A decisive breakout above 5-DMA could see minor upside. We then see scope for test of 55-EMA at 11235.
     
  • Violation at 55-EMA will see test of major trendline at 12500 levels.
     
  • However, technical indicators are in support of more slumps. All major moving averages have turned south.
     
  • Downside seems to be supported by huge volumes. ADX also support downside with -ve DMI dominance.
     
  • On the downside the pair is holding strong support at 100-DMA at 9308. We see resumption of weakness on break below.
     
  • Scope then for test of next major support at 7400 (trendline) ahead of 78.6% Fib at 7244.

Support levels - 9308 (100-DMA), 7244 (78.6% Fib retrace of 4736 to 164557 rally), 6202 (200-DMA)

Resistance levels - 9892 (5-DMA), 10000 (cloud base), 11236 (55-EMA), 12000, 12500 (trendline)

Recommendation: Watch out for break below 100-DMA for further weakness.

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February 19 13:00 UTC Released

RUReal Wages YY

Actual

6.2 %

Forecast

4.6 %

Previous

4.6 %

February 19 13:00 UTC Released

RURetail Sales YY

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2.8 %

Forecast

3 %

Previous

3.1 %

January 31 00:00 UTC 2819228192m

ARAnnual Primary Balance*

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2016 bln ARS

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January 31 00:00 UTC 2819228192m

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 4001240012m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 2819228192m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 4001240012m

ARTrade Balance

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Forecast

Previous

-1541 %

January 31 00:00 UTC 2819228192m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 2819228192m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 2819228192m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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