FxWirePro: ETH/EUR rangebound below 78.6% Fib, bias lower, stay short

• ETH/EUR is trading in a narrow range, consolidates break below major trendline support.
   
• The pair has paused 5 consecutive session's of downside, bias remains bearish.
   
• Upside has failed at 55-EMA last month and daily cloud is strong resistance.
   
• After consolidating around 21-EMA for the past 2 weeks, the pair seems to have resumed weakness.
   
• Price action has broken major support at 370 level which is 78.6% Fib and major trendline.
   
• Technical indicators for near-term are bearish. RSI is below 50 and Stochs are biased lower.
   
• We now see scope for test of 88.6% Fib at 330 levels. Violation there could see further weakness.
   
• On the upside, 5-DMA at 375 is immediate resistance. Break above could see test of 21-EMA at 389 ahead of 55-EMA at 413.

Support levels - 349 (June 29 low), 330 (88.6% Fib), 283 (Mar 29 low)

Resistance levels - 370 (nearly converged trendline and 78.6% Fib), 375 (5-DMA),  413 (55-EMA), 440 (61.8% Fib) 

Call update: Our previous call (https://www.econotimes.com/FxWirePro-ETH-EUR-breaks-major-support-at-370-targets-886-Fib-at-330-level-1410613) has hit TP1.

Recommendation: Book partial profits at lows. Hold for further weakness.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -76.6305 (Neutral) at 0845 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.