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FxWirePro: ETH/USD breaches strong trend line resistance at 384, bias bullish, stay long

ETH/USD is trading higher on Thursday and has broken the trend line joining 404.99 and 395. It is currently trading at 392 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 349.79

Kijun-Sen: 330.84

On the upside, immediate resistance is seen at 395 (September 01 high) and a break above would see it testing 404 (June 12 high)/420 (113% retracement of 395 and 201.28). Further strength would target 447.

On the downside, immediate support is seen at 370 (5-DMA) and any violation would see the pair testing 351 (10-DMA)/327 (20-DMA). Further weakness would drag it to 310 (trend line joining 201 and 277)/275 (Cloud bottom)/ 271 (200-DMA).

Momentum studies: Bias remains bullish on the daily chart, with RSI rolling over to overbought levels, MACD line above the signal line, and major moving averages biased higher.

Call Update: We recommended going long in our previous call. The pair has hit both the targets.

Recommendation: Book partial profits, stay long. Trail stop loss to 350. TP: 405/420.

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October 17 19:00 UTC Released

ARCPI National 12 Month

Actual

40.5 %

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34.4 %

October 17 19:00 UTC Released

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40.3 0

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34.2 0

January 31 00:00 UTC 374127374127m

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2016 bln ARS

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January 22 19:00 UTC 385947385947m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 374127374127m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 385947385947m

ARTrade Balance

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Forecast

Previous

-1541 %

January 31 00:00 UTC 374127374127m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 374127374127m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 374127374127m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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