- ETH/EUR upside rejected at 21-EMA, the pair fails to hold break above.
- Price action has dipped below 78.6% Fib to hit 2-week lows at 361.
- The pair is trading in a symmetric triangle pattern and upside has been rejected shy of Triangle Top.
- Price is consolidating previous session's losses, trades 1.52% higjer at the time of writing, bias lower.
- 21-EMA is also stiff resistance currently at 403 levels. Upside on the day has been struggling to extend gains above 400 mark.
- Price action in the pair remains below major EMAs and well below the daily cloud.
- Break above 78.6% Fib now targets major trendline support at 355 levels. Break below trendline could see further weakness in the pair.
- Technical indicators are bearish, but we see bullish divergence on RSI and Stochs which keeps scope for upside.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-ETH-EUR-fails-to-hold-break-above-21-EMA-dips-till-786-Fib-371-likely-1400795) has hit TP 1.
Recommendation: Book partial profits, stay short for 355.
