FxWirePro: ETH/EUR capped at 20-DMA, good to go long on break above

• 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

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