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FxWirePro: LTCUSD faces strong trend line support at 125, break below targets 109

  • LTC/USD is continuing its weakness for third consecutive week. The pair shown a minor recovery till 153.01 and started to decline. It is currently trading around 131.83. The slight jump in this pair has been using as selling opportunity by traders.  The pair has formed major double bottom around 109 and any major weakness only below that level.
     
  •  The near term solid resistance is around 153.55 (20- day MA) and any convincing break above will take the pair to next level till 161 (200- day MA)/175/183 (100- day MA)/195 (Mar 10th high)/250.
     
  • On the lower side, any break below 125 (trend line support) confirms minor weakness and a decline till 130/120/105 is possible.

    It is good to sell on rallies around 138-140 with SL around 153 for the TP of 109

 

 

 

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