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FxWirePro: ETH/EUR trades higher, good to buy on dips

ETH/EUR pair has recovered slightly after making a low of 43.30 on Apr 14th, 2017 (KRAKEN). It is currently trading around 46.75 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 44.02

Kijun-Sen level: 43.94

Major Trend reversal level - (Mar 18th, 2017 low) – 28

Long-term trend remains to be bullish. ETH/EUR downside capped by daily tenken-sen and any break below confirms minor weakness.

The major resistance is around 49.48 (Mar 29th, 2017 high) and any break above targets 56.32 (161.8%T retracement of 49.48 and 38.40). Short term support is around 44.02 (daily Tenken-Sen) and any break below will drag the pair till 41.37 (23.6% retracement of 49.48 and 38.40)/ 38.40 (Apr 4th low)/35 (Mar 22nd low).

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