FxWirePro: ETH/EUR extends downside after rejection at daily cloud, break below 20-DMA could see further weakness

• ETH/EUR is extending downside after rejection at daily cloud.
   
• The pair has failed to hold break above 110-EMA and is trading in the red for 3rd straight session.
   
• Downside finds strong support at 20-DMA at 395, decisive break below will see further weakness.
   
• Technical indicators on daily charts are turning bearish. RSI and Stochs are biased lower.
   
• Close below 20-DMA will see test of 361 level (strong trendline).
   
• On the flipside, we see upside only on break above 55-EMA. 

Support levels - 395 (20-DMA), 371 (78.6% Fib), 361 (trendline)

Resistance levels - 409 (5-DMA), 429 (55-EMA), 440 (61.8% Fib)

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 33.7678 (Neutral) at 1000 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.