• FxWirePro: ripple trades well below 1.60 level, good to sell on rallies

    Source: FxWire Pro - Technicals / 16 Jan 2018 08:38:18   Eastern Standard Time

    • Candle stick pattern – hammer
       
    • The pair declined sharply till 1.1739 and shown a minor recovery from that level. Short term trend is slightly weak as long as major resistance 2.25 Jan (11th 2018 high) holds. The major resistance is around 1.97 (trend line joining 3.06 and 2.78) and break above targets 2.50/3.06.  It is currently trading around 1.4253.
       
    • The pair is trading well below 1.60 and a decline till 1 level is possible.
       
    • On the higher side, near term resistance is around 1.65-1.68 (200- 4H EMA and 23.6% fibo) and any break above will take the pair to next level till 1.97/2.25. The pair should close above 2.25 level for further bullishness.

    It is good to sell on rallies at 1.65-1.70 with SL around 2 for the TP of 1.