- ETH/EUR upside rejected at 21-EMA, the pair fails to hold break above.
- The pair is trading in a symmetric triangle pattern and upside has been rejected shy of Triangle Top.
- Price has slipped below 5-DMA and is down 2.67% at the time of writing, bias lower.
- 21-EMA is also stiff resistance currently at 408 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 (408) could see further upside in the pair. Next major resistance lies at 440 (61.8% Fib).
- Downside has strong support at major trendline at 356, close below 5-DMA likely to 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: 425, TP: 375/ 355
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 82.6458 (Neutral) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
