- ETH/EUR is trading in an extremely narrow range, intraday bias is neutral.
- Price action has been extending sideways for many weeks now with no clear directional bias.
- The pair finds stiff resistance at 50-DMA and daily Ichimoku cloud and we see any upside only on break above.
- Price action hovers around 21-EMA at 398 and 5-DMA at 399 levels.
- Technical indicators for near-term are bearish. RSI is below 50 and Stochs are biased lower.
- We see scope for test of major trendline support at 369 levels. Violation there could take the pair lower.
- On the flipside, we see upside only on break above 50-DMA and daily cloud. Next major resistance lies a 440 (61.8% Fib) ahead of 110-EMA at 453.
Support levels - 371 (converged trendline and 78.6% Fib), 358 (July 12 low), 349 (June 29 low)
Resistance levels - 403 (50-DMA), 419 (55-EMA), 440 (61.8% Fib)
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 63.8783 (Neutral) at 0945 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
