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FxWirePro: ETH/EUR downside capped by 10-day MA, good to buy on dips

ETH/EUR pair has made a temporary top around 47 and showing profit booking from that level. ETH/EUR declined till 28 on Mar 18th 2017 and recovered sharply from that level (KRAKEN). It is currently trading around 40.30 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 32.20

Kijun-Sen level: 29.43

Major Trend reversal level - (21- day EMA) – 25.36

Long term trend remains to be bullish. ETH/EUR faces strong support at 29.84 (10- day MA) and any break below will confirm further weakness.

The major resistance is around 42 and any break above targets 45.32 (88.6% retracement of 47 and 47. Short term support is seen at 36.15 (38.2% retracement of 42.17 and 28) and any break below will drag the pair till 34.83 (38.2% retracement of 15.15 and 47)/32.20 (daily Tenken-Sen)/29.84 (10- day MA).

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