FxWirePro: ETH/EUR extends grind below 5-DMA, eyes 100-DMA at 554

• ETH/EUR capped below 5-DMA at 643 levels, intraday bias lower.
  
• Recovery attempts on Tuesday's trade was capped at 5-DMA. We see Doji formation on daily charts.
  
• The pair is extending downside for 4th straight session, scope for further downside.
  
• Technical studies are turning bearish. RSI and Stochs show rollover from overbought levels.
  
• MACD is on verge of bearish crossover on signal line. We see scope for test of 554 (100-DMA).
  
• On the flipside, retrace and close above 5-DMA invalidates bearish bias.

Support levels - 575 (20-DMA), 554 (100-DMA), 500

Resistance levels - 621 (38.2% Fib), 694 (May 6 high), 700

Call update: Our previous call (https://www.econotimes.com/FxWirePro-ETH-EUR-breaks-strong-trendline-support-at-622-good-to-go-short-on-rallies-1294718) has hit TP1.

Recommendation: Bias lower, stay short.

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