- ETH/EUR rejected at session highs at 352.34, slips lower to currently trade at 331 levels.
- The pair has broken above 5-DMA which is now immediate support at 316 levels.
- Upside finds stiff resistance at 20-DMA at 354, breakout could see further upside.
- Technical indicators are turning slightly bullish. We see scope for test of 55-EMA at 485 levels.
- Stochs have rolled over from oversold levels and we see a bullish MACD line crossover on signal line.
- On the flipside, retrace below 5-DMA could see test of 285 (major trendline). Violation at trendline could see further weakness.
Support levels - 316 (5-DMA), 300, 285 (major trendline)
Resistance levels - 354 (20-DMA), 400, 485 (55-EMA)
Recommendation: Good to go long on decisive break above 20-DMA, SL: 315, TP: 400/ 485
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