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FxWirePro: BTC/EUR faces strong resistance at 1750, good to sell on rallies

BTC/EUR retreated once again after jumping till 1683 on May 14th 2017. The pair formed a temporary top around 1742 on May 11th 2017 and declining from that level (COINBASE). It is currently trading around 1579 at press time.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 1582

Kijun-Sen level: 1436

Major reversal level -1465 (21- EMA)

Long-term trend remains to be bullish. BTC/EUR faces strong resistance at 1742 and any further bullishness only above that level.

Major resistance is around 1750 and any break above will take the pair to next level till 1835 (161.8% retracement of 1742 and 1591)/1943 (261.8% projection of 826 to 1160 from 1069). Short term support is seen at 1584 (10 –day MA) and any break below will drag the pair down till 1436 (daily Kijun-Sen)/1343 (May 4th 2017).

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