FxWirePro: ETH/EUR fails at channel top, slips below 5-DMA, good to short upticks

• ETH/EUR upside rejected at 21-EMA, pair extends lower after failure to break out of slopping channel.
   
• Price has failed multiple tests at channel top resistance and any further upside only on break above.
   
• 21-EMA is also stiff resistance currently at 409 levels. Upside on the day has been struggling at extend gains above 400 mark.
   
• Price action in the pair remains below major EMAs and well below the daily cloud.
   
• Break above 21-EMA (409) could see further upside in the pair. Next major resistance lies at 440 (61.8% Fib).
   
• Downside has strong support at major trendline at 355, close below 5-DMA could see drag till 355 levels. Further weakness only on break below.
   
• Technical indicators are bearish, but we see bullish divergence on RSI and Stochs which keeps scope for upside.

Recommendation: Good to short upticks around 395/398, SL: 410, TP: 375/ 355