FxWirePro: ETH/EUR consolidates break above channel top, upside intact as long as pair holds above 21-EMA

• ETH/EUR consolidates break above channel top, bias higher.
   
• The pair is trading 1.51% lower on the day, finds strong support at 21-EMA at 396.
   
• We find upside remains intact as long as 21-EMA support holds.
   
• Technical indicators on intraday charts are turning bullish. The pair is holding 5-DMA support.
   
• Price action has bounced of major trendline support and has failed to close below 78.6% Fib.
   
• RSI is biased higher and Stochs have rolled over from near oversold levels.
   
• Breakout at 'Channel Top' raises scope for test of 61.8% Fib at 440 levels.
   
• Rejection there could see resumption of downside. Scope then for test of 88.6% Fib at 329.

Support levels - 396 (21-EMA), 387 (5-DMA), 371 (78.6% Fib), 358 (July 12 low)

Resistance levels - 420 (July 7, 8 high), 429 (50-DMA), 440 (61.8% Fib), 488 (50% Fib) 

Call update: Our previous call (https://www.econotimes.com/FxWirePro-ETH-EUR-on-verge-of-Channel-breakout-stay-long-on-decisive-break-above-395-1403909) is progressing well.

Recommendation: Hold for targets.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -27.0931 (Neutral) at 0745 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.