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FxWirePro: ETH/EUR on verge of 'Channel' breakout, stay long on decisive break above 395

  • ETH/EUR is on verge of 'Channel' breakout which if completed will see further upside.
     
  • The pair finds stiff resistance at 21-EMA at 395, decisive close above will add to the bullish bias.
     
  • Technical indicators on intraday charts are turning bullish. The pair is holding 5-DMA support.
     
  • Price action has bounced of major trendline support and has failed to close below 78.6% Fib.
     
  • RSI is biased higher and Stochs have rolled over from near oversold levels.
     
  • Breakout at 'Channel Top' raises scope for test of 61.8% Fib at 440 levels.
     
  • Rejection there could see resumption of downside. Scope then for test of 88.6% Fib at 329.

Support levels - 378 (5-DMA), 371 (78.6% Fib), 358 (July 12 low)

Resistance levels - 420 (July 7, 8 high), 440 (61.8% Fib), 488 (50% Fib)

Recommendation: Good to stay long on decisive break above 395, SL: 375, TP: 420/ 440/ 470.
 

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ARAnnual Primary Balance*

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