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FxWirePro: ETH/USD breaks below 400, bias bearish, stay short

Wed, 08 Aug 2018, 11:55 am UTC

(Refer ETH/USD chart on Trading View)

ETH/USD has broken below the 400 mark and is currently trading at 367 levels at the time of writing (Coinbase).

The pair is down by over 11 percent so far this week.

On the topside, the pair faces resistance at 393 (5-DMA) and a break above would see it testing 410 (10-DMA)/436 (20-DMA)/452 (50-DMA).

On the downside, the pair is trading just above 1w 90-EMA support at 361 levels and any violation would further drag it to 349 (113% extension of 828.97 and 404.22)/333 (1w 100-SMA)/300.

Bias is extremely bearish on the daily chart with RSI rolling over to the oversold zone, MACD line below the signal line, stochs at oversold levels, and the price action well below major moving averages.

Call Update: We recommended going short in our previous call. The pair has almost hit TP2.

Recommendation: Book partial profits, stay short. Trail SL to 400. TP: 350/335.

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