FxWirePro: ETH/EUR struggles to extend weakness below 300 mark, break above 5-DMA could see minor upside

• ETH/EUR is extending consolidation after the pair tests 300 mark on Wednesday's trade.
   
• Price has broken below 88.6% Fib, and break below 300 could see further downside.
   
• Momentum is with the bears. Stochs and RSI are sharply lower. We see -ve DMI dominance and MACD supports downside.
   
• Price action is below major moving averages and the daily cloud. Scope for test of 2018 lows at 283 level. 
   
• That said momentum indicators have approached oversold levels so caution advised.
   
• Though we do not see any signs of reversal, minor pullbacks cannot be ruled out.
   
• 5-DMA is immediate resistance at 321. Break above could see test of 21-EMA at 357.

Support levels - 296.20 (Apr 6 low), 283 (Mar 29 low)

Resistance levels - 321 (5-DMA), 357 (21-EMA)

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -27.0473 (Neutral) at 1115 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.