FxWirePro: FxWirePro: ETH/EUR extends sideways grind along 5-DMA, intraday bias neutral

• ETH/EUR is extending sideways grind along 5-DMA, trading in an extremely narrow range.
   
• The pair has hit a session high of 240 and a low of 233, with price hovering around 5-DMA at 238.
   
• Price action in the pair remains below cloud and major moving averages.
   
• Further, downward slopping moving averages keep downside bias intact.
   
• Momentum studies are highly bearish and MACD is well below the zero mark.
   
• We see no major signs of reversal and next major support lies at 220 (Aug 14 low).
   
• Break below 220 will raise scope for test of 158 (converged trendline and 113% Fib).
   
• On the flipside, 21-EMA is strong resistance at 267 levels. Break above to see further upside.

Support levels - 220 (Aug 14 low), 200, 158 (converged trendline and 113% Fib)

Resistance levels - 238 (5-DMA), 267 (21-EMA), 281 (Aug 18 high)

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 104.117 (Bullish) at 0815 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.