FxWirePro: ETH/EUR breach at 'Triangle Base' raises scope for further weakness, stay short on upticks

• ETH/EUR consolidates massive slump in the previous session.
   
• The pair is trading largely rangebound on the day, with a day's high at 455 and low at 434 levels.
   
• Price action has breached below 'Symmetric Triangle' pattern raising scope for further weakness.
   
• Technical studies support downside. Momentum indicators are bearish and we see -ve DMI dominance.
   
• The pair trades below major EMAs and price has dipped below daily cloud.
   
• Next major support below 61.8% Fib at 440 lies at 436 (May 28 lows) ahead of 371 (78.6% Fib).
   
• On the flipside, we see bearish invalidation only on breakout at Triangle Top (currently at 505 level).

Support levels - 440 (61.8% Fib), 436 (May 28 lows), 371 (78.6% Fib)

Resistance levels - 470 (Triangle Base), 485 (5-DMA), 495 (100-DMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-ETH-EUR-fails-at-110-EMA-extends-weakness-for-2nd-straight-session-bias-lower-1349805) has hit all targets.

Recommendation: Book partial profits at lows. Trail SL to 470. Hold for further downside. Target 400/ 375.

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