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FxWirePro: ETH/USD finds support at 1w 20-SMA, bias lower, stay short

ETH/USD dropped to 724 levels as it broke below 100-DMA. It is currently trading at 760 levels at the time of writing (Kraken).

On the upside, resistance is seen at 801 (23.6% retracement of 1594.89 and 556) and a break above would target 841 (100-DMA)/854 (20-DMA). Further strength would see it testing 900/919 (50-DMA)/952.

On the downside, support is seen at 723 (1w 20-SMA) and a break below would drag the pair to 700/622 (February 05 low). Further weakness would target 600/579 (200-DMA).

Momentum studies: Bias remains bearish on the daily chart with RSI weak at 38, bearish MACD crossover and stochs biased lower.

Bias appears bearish on the weekly chart as well with bearish MACD crossover, stochs biased sharply lower and RSI at 53 with lower bias.

Call Update: We recommended going short in our previous call. Both the targets have been hit.

Recommendation: Book partial profits, stay short. Trail SL: 800. TP: 700/675/622.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

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June 22 14:30 UTC Released

USECRI Weekly Annualized

Actual

3.1 %

Forecast

Previous

2.7 %

June 22 14:30 UTC Released

USECRI Weekly Index

Actual

150.1 %

Forecast

Previous

149.3 %

January 31 00:00 UTC 206073206073m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 206073206073m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 217893217893m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 206073206073m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 217893217893m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 206073206073m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 206073206073m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 206073206073m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

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