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FxWirePro: BTC/EUR recovery lacks traction, 5-DMA at 6346 caps upside

  • BTC/EUR recovery lacks traction, the pair is down 2.48% on the day.
     
  • Upside remains capped below downward slopping 5-DMA which is immediate resistance at 6345.
     
  • Only decisive break above could see upside. Next major resistance above 5-DMA lies at 200-DMA (6660).
     
  • Technical studies are heavily bearish. We do not see any major signs of reversal.
     
  • We see -ve DMI dominance which supports further downside. RSI and Stochs sharply lower, momentum heavily bearish.
     
  • Decisive break below 78.6% Fib retrace at 5488 will see bears target 88.6% Fib at 4092.
     
  • On the flipside, breakout at 200-DMA at 6660will invalidate bearish bias.

Support levels - 5488 (78.6 % Fib retrace of 2502 to 16457 rally), 4712 (Feb 6 low), 4092 (88.6% Fib)

Resistance levels - 6369 (5-DMA), 6660 (200-DMA), 7832 (61.8% Fib)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-BTC-EUR-extends-rout-breaks-below-786-Fib-at-5488-bias-lower-1134233) has hit TP1. Bias lower as long as 5-DMA resistance holds.

Recommendation: Raise stop loss to 6660, hold for downside.

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