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FxWirePro: ETH/USD faces trend line resistance at 960, break above targets 1000

ETH/USD surged to 983 levels on February 18 and is currently trading at 938 levels at the time of writing (Kraken).

On the upside, the pair faces resistance at 966 (trend line joining 1594 and 983) and a break above would then eye 998 (convergence of 50-DMA and cloud bottom)/1075 (convergence of Upper Bollinger and 50% retracement of 1594.89 and 556)/ 1100. Further strength would see it testing 1167 (January 20 high)/1198.

On the downside, support is seen at 898 (10-DMA) and a break below would target 886 (20-DMA)/860 (4h 100-SMA)/813 (90-EMA). Further weakness would drag it to 762 (100-DMA)/ 733 (61.8% retracement of 201.28 and 1594.89).

Momentum studies: Bias remains bullish on the daily chart with RSI at 50, MACD line above the signal line and stochs biased higher.

Call Update: We recommended going long in our previous call. The pair has hit TP1.

Recommendation: Book partial profits. Trail SL to 890. Watch out for a break above trend line resistance at 966 for further upside.

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September 24 13:00 UTC Released

MXMth Infl MM

Actual

0.22 %

Forecast

0.32 %

Previous

0.34 %

September 24 13:00 UTC Released

MXMth Core Infl YY

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3.56 %

Forecast

3.63 %

Previous

3.6 %

January 31 00:00 UTC 340636340636m

ARAnnual Primary Balance*

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2016 bln ARS

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January 31 00:00 UTC 340636340636m

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 352456352456m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 340636340636m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 352456352456m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 340636340636m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 340636340636m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 340636340636m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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