FxWirePro: ETH/EUR bulls cushioned at 21-EMA, attempt to break-out wedge resistance – Add longs on bullish crossovers

ETHEUR on daily terms, forms falling wedge pattern. The trend has been oscillating between falling wedge, where bulls take support at wedge baseline and now attempting to break-out wedge resistance (refer daily chart).

Although it looks like trading in a very narrow range for the day, the bulls grind higher along 5-DMA which offers immediate support at 403.0771 levels.

More rallies seem to be likely on bullish DMA & MACD crossovers, both leading oscillators signal bullish momentum on this timeframe.

Both trend indicators (DMA and MACD) show bullish crossovers that indicate upswings to prolong further.

While intensified bullish momentum is observed as both RSI and stochastic curves show upward convergence.

This prevailing uptrend and momentum indications are coupled with wedge resistance break-out.

On intraday terms, the minor dips are also cushioned at 21EMAs, the current price rises above 7EMAs, both leading oscillators signal bullish intensified (refer 4H chart).

Hence, at spot reference: 417.85 one can think to buy this pair on speculative grounds for the targets upto 423.450 levels, long-term investors need to wait for the better clarity.

Currency Strength Index: FxWirePro's hourly EUR spot index is displaying shy above 25 levels (which is mildly bullish) despite German’s ZEW economic sentiments print disappointing numbers at -8.2 but with an upbeat Italian trade number at 3.10B while articulating (at 11:55 GMT).

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex

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