- ETH/EUR hit 9-month lows at 268 on Aug 11th trade, bias still remains bearish.
- Price has recovered slightly, but remains below 300 mark.
- Technical indicators do not show any signs of major reversal yet in the pair.
- Momentum indicators are at oversold levels and some scope for pullbacks are seen.
- However, upside finds immediate resistance at 1H 55-EMA at 284.52. Break above 1H 55-EMA could see upside till 290 levels (5-DMA).
- Decisive break above 21-EMA to see any further upside. Scope then for test of 55-EMA at 380.
Support levels - 268 (Aug 11 lows), 255 (trendline), 230 (113% Fib extension), 168 (Sept 2016 low)
Resistance levels - 284 (1H 55-EMA), 336 (21-EMA), 380 (55-EMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-ETH-EUR-breaks-below-886-Fib-hits-4-month-lows-at-31555-bias-lower-1413402) has hit all targets.
Recommendation: We expect some consolidation at current levels.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -114.999 (Bearish) at 1130 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
