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FxWirePro: ETH/USD faces strong trend line resistance at 1165, good to go short on break below 1025

ETH/USD broke above 20-DMA on Thursday and surged to 1149 levels. However, bears have flexed their muscles and the pair is currently trading at 1095 levels at the time of writing (Kraken).

On the upside, the pair will run into resistance at 1165 (trend line joining 1594.89 and 1234) and a break above would see it testing 1200/1234 (January 29 high). Further strength would target 1274 (61.8% retracement of 1594.89 and 755)/1300.

On the downside, short-term support is seen at 1073 (4h 100-SMA) and a break below would drag it to 1036 (4h 200-SMA)/1025 (trend line joining 512 and 910). Further weakness would see it testing 961 (trend line joining 870 and 910)/948 (50-DMA)/925 (61.8% retracement of 512 and 1594.89).

Momentum studies: On the daily chart, RSI continues to hold above 50, while MACD line is below the signal line and stochs are biased slightly lower. Bias appears weak on the intraday charts as well and a break below trend line support at 1025 would see further downside in the pair.

Call Update: We recommended going short in our previous call. The call still holds.

Recommendation: Good to go short on break below 1025. SL: 1150. TP: 948/925/900.

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2018-08-21 16:54:03
0m

August 21 12:55 UTC Released

USRedbook YY

Actual

4.7 %

Forecast

Previous

4.5 %

August 21 12:55 UTC Released

USRedbook MM

Actual

0.2 %

Forecast

Previous

0.1 %

January 31 00:00 UTC 292067292067m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 292067292067m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 303887303887m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 292067292067m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 303887303887m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 292067292067m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 292067292067m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 292067292067m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

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