FxWirePro: ETH/EUR capped at 5-DMA at 425, on track to test 78.6% Fib 382, stay short

• ETH/EUR down 4.15% on the day, remains capped at 5-DMA at 425 levels.
   
• Technical indicators are highly bearish. We see scope for further weakness.
   
• Price action rages in 'Symmetric Triangle' pattern and we see scope for test of 'Triangle Base' and 78.2% Fib at 382 levels. 
   
• Breach at 'Triangle Base' could see further downside. Scope then for test of 88.6% Fib at 282 levels.
   
• On the flipside, breakout above 5-DMA could see test of 20-DMA at 494. Breakout at 20-DMA invalidates bearish bias.

Support levels - 382 (converged trendline and 78.6% Fib retrace of 168 to 1168 rally), 370 (March 18 low), 334 (Dec 8 low)

Resistance levels - 422 (5-DMA), 493 (20-DMA), 500

Recommendation: Good to short rallies around 400, SL: 422, TP: 382/ 370/ 335

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