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FxWirePro: ETH/EUR downside capped by 7 – day MA, good to buy on dips

Monday, March 6, 2017 11:38 AM UTC

ETH/EUR pair has shown a slight profit booking after hitting fresh all time high at 19.62 (KRAKEN). Short term trend is extremely bbullish as long as support 16.30 (23.6% retracement of 5.58 and 19.62) holds. It is currently trading around 18.25 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 15.95

Kijun-Sen level: 14.74

Minor trend reversal level- 19.08 (Jun 17th 2016 high)

Major Trend reversal level - (89 day EMA) – 11.77

Long-term trend remains to be bullish. ETH/EUR downside capped by 7–day MA and any minor weakness can be seen below that level.

The major resistance is around 19.81 (161.8% retracement of 14.38 and 5.58) and any break above targets 21.10 (113% retracement of 19.08 and 5.58). Short term support is seen at 16.73 (7 day MA) and any break below will drag the pair till 16.30 (23.6% retracement of 5.58 and 19.62)/14.74 (daily Kijun-Sen).

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Digital Currency Revolution

FxWirePro: ETH/EUR downside capped by 7 – day MA, good to buy on dips

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