ETH/USD is trading in an extremely narrow range on Thursday as its upside is capped by 20-DMA. It is currently trading at 204 levels at the time of writing (Bitfinex).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 216.30

Kijun-Sen: 211.01

On the upside, a break above 219 (channel top) would see the pair testing 225 (55-EMA)/267 (50-DMA). Further strength would target 306 (61.8% retracement of 412.21 and 136.12)/353/377 (June 18 high).

On the reverse side, a break below 195 (100-DMA) would drag the pair to 158 (1w 20-SMA)/136 (July 16 low). Further weakness would drag it to 110 (200-DMA)/89 (trend line joining 265 and 136).

Momentum studies: On the daily chart, RSI is weak at 45, stochs are biased lower, and 5-DMA is also showing lower bias.

The pair is extremely rangebound on the intraday chart. Weakness could also be seen on the weekly chart with RSI at 57 with lower bias, bearish MACD crossover on the signal line, and Stochs also biased lower.

Recommendation: Good to go short on break below 195. SL: 252. TP: 158/136.

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