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FxWirePro: ETH/EUR comatose around 5-DMA, downward sloping moving averages keep bias lower

  • ETH/EUR is trading in an extremely narrow range around 5-DMA at 237 levels.
     
  • Price action in the pair remains below cloud and major moving averages.
     
  • Further downward slopping moving averages keep downside bias intact.
     
  • Momentum studies are highly bearish and MACD is well below the zero mark.
     
  • We see no major signs of reversal and next major support lies at 220 (Aug 14 low).
     
  • Break below 220 will raise scope for test of 158 (converged trendline and 113% Fib).
     
  • On the flipside, 21-EMA is strong resistance at 276 levels. Break above to see further upside.

Support levels - 220 (Aug 14 low), 200, 158 (converged trendline and 113% Fib)

Resistance levels - 237 (5-DMA), 276 (21-EMA), 281 (Aug 18 high)

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 27.0931 (Neutral) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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