- ETH/EUR is extending downside from 1150 levels, currently hovers around 1000 mark after hitting session lows at 961.
- The pair spiked past 1000 barrier to hit fresh all-time highs at 1150 levels.
- But, price was rejected at 176.4% Fib at 1151, break above needed for further upside.
- Technical bias still bullish on the daily charts, but we see some weakness on the hourlies.
- 1H 100-SMA at 981 is immediate support, decisive break below could see drag lower.
- Close below 5-DMA at 992 on daily charts could see retrace upto 885 levels.
- Breakout at 1151 finds next bull target at 1219 (188.6% Fib) ahead of 1282 (200% Fib)
Support levels - 1000, 992 (5-DMA), 981 (1H 100-SMA)
Resistance levels - 1069 (161.8% Fib extension of 167.22 to 725 rally), 1151 (176.4% Fib), 1219 (188.6% Fib), 1282 (200% Fib)
Recommendation: Watch for decisive break below 1H 100-SMA for further weakness.
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