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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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