- ETH/EUR is trading an extremely narrow range, hit a day's high of 326 and a low of 320.
- Upside was rejected at 20-DMA on Monday's trade. We need break above to see further upside.
- Price action holds above minor support at 5-DMA currently at 317 levels. Break below will see weakness.
- Technical indicators are showing signs of bullishness. Stochs have shown a clear rollover from oversold levels and are biased higher.
- RSI has also edged into neutral territory from oversold levels. We see scope for test of 55-EMA at 479 levels.
- On the flipside, retrace below 5-DMA could see test of 285 (major trendline). Violation at trendline could see further weakness.
Support levels - 317 (5-DMA), 300, 285 (major trendline)
Resistance levels - 347 (20-DMA), 400, 479 (55-EMA)
Recommendation: Good to go long on decisive break above 20-DMA, SL: 315, TP: 400/ 485
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