FxWirePro: ETH/EUR tests 300 mark, recovery attempts lack traction

• ETH/EUR is nursing declines after the pair tests 300 mark on Wednesday's trade.
   
• The pair is extending weakness after break below 88.6% Fib, hits new 4-month lows at 300.68, bias bearish.
   
• SEC's decision to postpone approval for listing of the Cboe VanEck/SolidX exchange-traded fund (ETF) backed by Bitcoin (BTC) to September 30 weighs.
   
• The pair is trading 2.29% higher on the day, but recovery attempts lack traction.
   
• Momentum is with the bears. Stochs and RSI are sharply lower. We see -ve DMI dominance and MACD supports downside.
   
• Price action is below major moving averages and the daily cloud. Scope for test of 2018 lows at 283 level. 
   
• That said momentum indicators have approached oversold levels and we could see minor pullback. 
   
• 5-DMA is immediate resistance at 328. Break above could see test of 21-EMA at 361 ahead of 50-DMA at 384.
   
• Breakout at 50-DMA could see bullish continuation. 

Support levels - 296.20 (Apr 6 low), 283 (Mar 29 low)

Resistance levels - 328 (5-DMA), 361 (21-EMA), 384 (50-DMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-ETH-EUR-breaks-below-886-Fib-hits-4-month-lows-at-31555-bias-lower-1413402) has hit TP1.

Recommendation: Book partial profits. Trail SL to 330. Hold for 285.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 12.0402 (Neutral) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.