FxWirePro: ETH/EUR recovery lacks momentum, break above 5-DMA could see minor upside

• ETH/EUR extends range trade for the 2nd consecutive session, bias lower.
   
• The pair is consolidating break below 'Symmetric Triangle', scope for weakness.
   
• Technical studies support downside. Momentum indicators are bearish and we see -ve DMI dominance.
   
• The pair trades below major EMAs and price has dipped below daily cloud.
   
• The pair is struggling to close below 61.8% Fib. Next major support below 61.8% Fib at 440 lies at 436 (May 28 lows) ahead of 371 (78.6% Fib).
   
• On the flipside, we see bearish invalidation only on breakout at Triangle Top (currently at 500 level).

Support levels - 440 (61.8% Fib), 436 (May 28 lows), 371 (78.6% Fib)

Resistance levels - 473 (5-DMA), 501 (21-EMA), 518 (55-EMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-ETH-EUR-fails-at-110-EMA-extends-weakness-for-2nd-straight-session-bias-lower-1349805) has hit all targets.

Recommendation: Book partial profits at lows. Trail SL to 470. Hold for further downside. Target 400/ 375.

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