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- ETH/EUR downside capped at 110-EMA, the pair has bounced off from lows at 520.
- The pair is trading with a bullish momentum and decisive close above 110-EMA has raised scope for test of 38.2% Fib at 621 levels.
- RSI shows strength above 70 levels and Stochs are highly bullish. MACD supports trend and we see +ve DMI dominance.
- The pair has also broken stiff resistance at 200-DMA and price has entered into daily cloud.
- Price currently capped at 100-DMA at 571, break above will see resumption of upside.
- On the downside, we see immediate support at 5-DMA at 561. Bullish invalidation likely below 55-EMA at 491 levels.
Support levels - 561 (5-DMA), 520 (110-EMA), 491 (55-EMA)
Resistance levels - 571 (100-DMA), 600, 621 (38.2% Fib), 737 (Dec 19 high)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-ETH-EUR-tests-110-EMA-at-514-good-to-go-long-on-decisive-break-above-520-200-DMA-1267350) is progressing well.
Recommendation: Hold for targets.
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