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FxWirePro: EUR/GBP capped at daily cloud, bullish divergence keeps scope for upside

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FxWirePro: ETH/USD upside capped by 10-DMA, bias lower

Tuesday, August 21, 2018 11:12 AM UTC

comments

(Refer ETH/USD chart on Trading View)

ETH/USD dropped to 268 levels on Monday as it failed to hold above 300.

It is currently trading at 282 levels at the time of writing (Coinbase).

On the upside, immediate resistance is seen at 291 (10-DMA) and a consistent break above would target 300/334 (21-EMA)/365 (3h 200-SMA)/400.

On the flipside, support is seen at 265 (78.6% retracement of 250 and 322) and any violation would drag it to 250 (August 14 low)/ 230/200.

Bias remains bearish on the daily chart with RSI and stochs near oversold levels. The pair has found support near 78.6% fib and a break below will see it re-testing 250 levels.

Call update: We recommended going short in our previous call. TP1 has been hit.

Recommendation: Bias lower, stay short. SL: 340. TP: 250.

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Market Data

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BRAZIL'S BOVESPA CLOSED AT 87,900.83 DOWN -0.69%

CANADA'S S&P/TSX COMPOSITE CLOSED AT 15,069.78, DOWN -0.57%

NASDAQ UNOFFICIALLY CLOSES DOWN 220.33 POINTS, OR 3.04 PERCENT, AT 7,027.55

S&P 500 UNOFFICIALLY CLOSES DOWN 45.88 POINTS, OR 1.68 PERCENT, AT 2,690.39

DOW JONES UNOFFICIALLY CLOSES DOWN 394.73 POINTS, OR 1.55 PERCENT, AT 25,018.49

KOREA, SOUTH OCT 2018 PPI GROWTH MM DECREASE TO -0.4 % VS PREV 0.3 %

KOREA, SOUTH OCT 2018 PPI GROWTH YY DECREASE TO 2.2 % VS PREV 2.7 %

BRAZIL’S CENTRAL BANK SAYS AUCTION TO ROLL OVER EXISTING CONTRACTS

BRAZIL CENTRAL BANK TO AUCTION ON WEDNESDAY AS MANY AS 13.6 K TRADITIONAL CURRENCY SWAPS

BRAZIL’S CENTRAL BANK SAYS AUCTION TO ROLL OVER EXISTING CONTRACTS

BRAZIL CENTRAL BANK TO AUCTION ON WEDNESDAY AS MANY AS 13.6 K TRADITIONAL CURRENCY SWAPS

BRENT CRUDE FUTURES SETTLE AT $66.79/BBL, UP 3 CENTS, 0.04 PCT

ITALIAN PRIME MINISTER CONTE TO MEET EU COMMISSION PRESIDENT JUNCKER IN BRUSSELS ON SATURDAY -STATEMENT

SAUDI ENERGY MINISTER FALIH SAYS THE PROJECT TO BUILD TWO NUCLEAR PLANTS IS GOING AT AN EXCELLENT PACE, ACCORDING TO PLAN - AL-ARABIYA

SAUDI ENERGY MINISTER FALIH SAYS THE KINGDOM LAUNCHED AN ACTIVE URANIUM EXPLORATION PROGRAMME AND INITIAL INDICATIONS ARE POSITIVE - AL-ARABIYA

U.S. JUSTICE DEPARTMENT SAYS MANHATTAN U.S. ATTORNEY ANNOUNCES CRIMINAL CHARGES AGAINST SOCIÉTÉ GÉNÉRALE S.A. FOR VIOLATIONS OF THE TRADING WITH THE ENEMY ACT

U.S. STOCKS EXTEND FALL, S&P 500 DOWN 2.00 PCT

U.S. STOCKS EXTEND FALL, DOW JONES DOWN 2.00 PCT

US 10-YEAR TREASURY YIELDS FALL TO 3.056 PCT, LOWEST SINCE OCT. 3

SAUDI ENERGY MINISTER FALIH SAYS THE MINING SECTOR WILL BE OPEN TO FOREIGN INVESTMENT AFTER INTRODUCING THE NEW MINING LAW - AL-ARABIYA TV

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Economics Monitor

November 19 21:00 UTC Released

KRPPI Growth

Actual

-0.4 %

Forecast

0.3 %

November 19 21:00 UTC Released

KRPPI Growth YY

Actual

2.2 %

Forecast

2.7 %

January 31 00:00 UTC 421770421770m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Bln AR bln ARS

January 31 00:00 UTC 421770421770m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Bln AR bln ARS

January 22 19:00 UTC 433590433590m

ARTrade Balance

Actual

Forecast

-1541 %

January 31 00:00 UTC 421770421770m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Bln AR bln ARS

January 22 19:00 UTC 433590433590m

ARTrade Balance

Actual

Forecast

-1541 %

January 31 00:00 UTC 421770421770m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Bln AR bln ARS

January 31 00:00 UTC 421770421770m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Bln AR bln ARS

January 31 00:00 UTC 421770421770m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Bln AR bln ARS

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