FxWirePro: BTC/EUR range-bound at major trendline support at 7670, break below to see further weakness

• BTC/EUR is trading in a narrow range, holds above major trendline support at 7670.
   
• The pair had been in a consolidation phase after break below 100-DMA.
   
• Price action has now broken consolidation and has resumed weakness.
   
• Technical studies are biased lower. RSI and Stochs support downside. We see -ve DMI dominance.
   
• Break below major trendline support at 7670 could see test of 200-DMA at 6503.
   
• On the flipside, 5-DMA at 8746 is immediate resistance. Break above could see minor upside till 20-DMA.

Support levels - 7670 (trendline), 6503 (200-DMA), 5488 (78.6 % Fib retrace of 2502 to 16457 rally)

Resistance levels - 8760 (5-DMA), 9479 (50% Fib), 9592 (100-DMA)

Recommendation: Good to go short on break below 7670 (trendline), SL: 8800, TP: 6500/ 6000/ 5500.

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