FxWirePro: BTC/EUR grinds lower along 5-DMA resistance, good to go short on rallies

• BTC/EUR grinds lower along 5-DMA resistance at 6789, intraday bias bearish.
   
• The pair trades well below 200-DMA and daily cloud and we see scope for further weakness.
   
• Technical indicators are biased lower. RSI below 50 and Stochs are sharply lower. MACD is well below zero levels.
   
• Price is on track to test next major support at 5725 (major trendline).
   
• Break below finds next support at 5488 (78.6% Fib retrace of 2502 to 16457 rally).

Support levels - 5725 (major trendline), 5488 (78.6% Fib retrace of 2502 to 16457 rally), 4712 (Feb 6th low)

Resistance levels - 6789 (5-DMA), 7022 (20-DMA), 7535 (trendline)

Recommendation: Good to go short on rallies around 6600, SL: 7200, TP: 6000/ 5725/ 5500.

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