FxWirePro: ETH/EUR breaks strong trendline support at 622, good to go short on rallies

• ETH/EUR has broken strong trendline support at 622, holds above 2H 110-EMA at 608 levels.
   
• The pair is extending downside for 2nd straight session, slips below 5-DMA at 651.
   
• Technical studies are turning bearish. RSI and Stochs are on verge of rollover from overbought levels.
   
• Break below 2H 110-EMA likely to see further downside. Scope then for test of  566.
   
• On the flipside, retrace and close above 5-DMA invalidates bearish bias.

Support levels - 608 (2H 110-EMA), 600, 590 (50% Fib), 566 (61.8% Fib)

Resistance levels - 650 (5-DMA), 694 (May 6 high), 700

Recommendation: Good to go short on rallies around 620/640, SL: 670, TP: 600/ 590/ 570

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest.