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FxWirePro: BTC/EUR break above 110-EMA raises scope for further upside, stay long on dips

  • BTC/EUR has shown a break above 110-EMA raising scope for further upside.
     
  • The pair is currently consolidating in narrow range, trades 1.02% lower on the day.
     
  • Price action is grinding higher along 5-DMA support, bias higher.
     
  • Momentum studies are bullish and RSI has edged above 60 levels. DMIs also support upside in the pair. 
     
  • The pair has edged above 6200 mark, and further bullish momentum is likely to see test of 200-DMA.
     
  • On the flipside 110-EMA is immediate support at 6154. Break below to see minor weakness. Retrace below 55-EMA to see major weakness.  

Recommendation: Good to stay long on dips, SL: 6100, TP: 6568 (200-DMA), 6600, 6750 (trendline)

FxWirePro Currency Strength Index: FxWirePro's Hourly BTC Spot Index was at 29.3065 (Neutral), while Hourly EUR Spot Index was at -83.1102 (Bearish) at 1045 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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