FxWirePro: ETH/EUR upside momentum fades at 21-EMA, breakout required for further upside

• ETH/EUR upside momentum fades at 21-EMA, the pair retraces from session highs at 418 to trade at 408 levels.
   
• Price action in the pair remains below major EMAs and well below the daily cloud.
   
• The pair is trading in a downward slopping channel and price is currently testing channel top resistance.
   
• Indications that China might soften its stance towards digital assets is positive for the pair. 
   
• China's Banking Regulatory Commission said that it was positive about the cryptocurrency market as long as domestic regulators properly license local operators.    
   
• Downside has found support at major trendline at 365, the pair fails to close below.
   
• Technical indicators are still bearish, but we see bullish divergence on RSI and Stochs which raises scope for upside.

Recommendation: We advise a long position in the pair on a decisive break above 21-EMA, SL: 370, TP: 440/ 455