FxWirePro: ETH/EUR closes below 100-DMA at 585, bias lower, good to short rallies

• ETH/EUR closes below 100-DMA support at 585 levels, bias still bearish.
  
• Price action has broken below 61.8% Fib retrace of 115 to 1183 rally at 522.
  
• Technical studies are highly bearish. Next bear target lies at 200-DMA at 417.
  
• Violation at 200-DMA support to see test of 381 (Dec 22 low) and then 343 (78.6% Fib).
  
• On the flipside, retrace and close above 100-DMA could see upside till 20-DMA at 814.
  
• We see bearish invalidation only on decisive close above 20-DMA.

Support levels - 417 (200-DMA), 381 (Dec 22 low), 343 (78.6% Fib)

Resistance levels - 522 (61.8% Fib retrace of 115 to 1183 rally), 587 (100-DMA), 636 (5-DMA)

Recommendation: Good to go short on rallies around 500/525, SL: 590, TP: 420/ 380/ 345.

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