- ETH/EUR edges higher from 2-month lows at 359, we see hammer formation at lows.
- Trade extends in a slopping channel pattern and bias remains bearish.
- The pair is currently trading at 400 levels, up 2.39% on the day.
- Upside remains capped below immediate resistance at 5-DMA at 409 levels.
- Break above could see test of 21-EMA at 445. Violation at channel top negates bearish bias.
- Technical indicators are biased lower, we see scope for further weakness on break below strong trendline support at 360 levels.
Support levels - 371 (78.6% Fib), 360 (trendline support), 329 (88.6% Fib)
Resistance levels - 409 (5-DMA), 445 (21-EMA), 453 (channel top)