FxWirePro: ETH/EUR finds strong support at 370, break below could see further weakness

• ETH/EUR extends weakness after rejection at 50-DMA.
   
• The pair grinds lower to trade 1.39% lower on the day at 384 levels.
   
• Price action has been extending sideways for many weeks now with no clear directional bias.
   
• The pair finds stiff resistance at 50-DMA and daily Ichimoku cloud and we see any upside only on break above.
   
• On the downside, we see strong trendline support at 370 levels. Break below could see further weakness.
   
• Upside capped below 396 (nearly converged 5-DMA and 21-EMA).
   
• Technical indicators for near-term are bearish. RSI is below 50 and Stochs are biased lower.
   
• We see scope for test of major trendline support at 370 levels. Violation there could take the pair lower.
   
• On the flipside, we see upside only on break above 50-DMA and daily cloud. Next major resistance lies a 440 (61.8% Fib) ahead of 110-EMA at 452.

Support levels - 370 (nearly converged trendline and 78.6% Fib), 358 (July 12 low), 349 (June 29 low)

Resistance levels - 396 (nearly converged 5-DMA and 21-EMA), 401 (50-DMA), 417 (55-EMA), 440 (61.8% Fib) 

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 96.4093 (Bullish) at 0720 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.