- ETH/EUR consolidates massive slump in the previous session.
- The pair is trading largely rangebound on the day, with a day's high at 455 and low at 434 levels.
- Price action has breached below 'Symmetric Triangle' pattern raising scope for further weakness.
- Technical studies support downside. Momentum indicators are bearish and we see -ve DMI dominance.
- The pair trades below major EMAs and price has dipped below daily cloud.
- Next major support below 61.8% Fib at 440 lies at 436 (May 28 lows) ahead of 371 (78.6% Fib).
- On the flipside, we see bearish invalidation only on breakout at Triangle Top (currently at 505 level).
Support levels - 440 (61.8% Fib), 436 (May 28 lows), 371 (78.6% Fib)
Resistance levels - 470 (Triangle Base), 485 (5-DMA), 495 (100-DMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-ETH-EUR-fails-at-110-EMA-extends-weakness-for-2nd-straight-session-bias-lower-1349805) has hit all targets.
Recommendation: Book partial profits at lows. Trail SL to 470. Hold for further downside. Target 400/ 375.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest.
