FxWirePro: ETH/EUR breaks below 61.8% Fib, eyes 78.6% Fib at 371, stay short

• ETH/EUR hovers around 400 handle, edges higher from new 2-month lows at 394 levels.
  
• The pair is extending break below 'Symmetric Triangle', scope for 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.
  
• The pair has shown a break below 61.8% Fib. Next major support lies at 371 (78.6% Fib).
  
• On the flipside, 5-DMA at 445 caps upside. Break above could see upside till 21-EMA 489.
  
• We see bearish invalidation only on breakout at Triangle Top (currently at 485 level).

Support levels - 400, 371 (78.6% Fib), 329 (88.6% Fib)

Resistance levels - 440 (61.8% Fib), 445 (5-DMA), 489 (21-EMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-ETH-EUR-recovery-lacks-momentum-break-above-5-DMA-could-see-minor-upside-1363230) has hit TP1.

Recommendation: Book partial profits at lows. Trail SL to 450. Hold for further downside. Target 375/ 330.