FxWirePro: ETH/EUR forms whipsaws on 7-SMAs, shooting star and hanging man evidence failure swings – See upside only on break-out of stiff resistance

Shooting star & hanging man have occurred at 710.59 and 706.79 levels respectively.

These bearish patterns have hampered the previous bullish sentiments, consequently the trend forms whipsaws after that brief upswings. The whipsaws after the uptrend are deemed as a bearish signal and vice versa (refer 2H chart), however, the indication should not be studied in isolation. Both leading and lagging indicators are not indicating the momentum and trend confirmation on this timeframe.

Well, for now, further upswings likely only on break-out of stiff resistance of 711.17 and for long-term traders and investors, a decisive break out above the stiff resistance of 717.0004 (i.e. 21EMA) is closely watched by aggressive bulls.

Even on daily terms, the ongoing upswings are firmly restrained below 21EMA, and subsequently, the trend goes in sideways struggling for momentum.

Hence, contemplating above technical rationale, one can think of buying etherium against euro only after a convincing breach of 711.17 on trading terms and above 717.0004 on long terms.

Currency Strength Index: FxWirePro’s hourly EUR spot index has shown 85 (which is bullish ahead of the data announcements of German and Spanish CPI prints followed by M3 money supply) while articulating (at 05:45 GMT), for more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex.

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