FxWirePro: ETH/EUR trades with bearish bias, break below 365 to see resumption of weakness

• ETH/EUR trades in narrow range, with the day's high at 383 and low at 372 levels.
   
• The pair is trading with a bearish bias, but is struggling to break strong trendline support at 365 level.
   
• Price action extends in a downward slopping channel pattern and break below 365 will see test of channel base at 293 levels.
   
• Technical indicators are biased lower. Stochs and RSI sharply lower. DMI supports downside. 
   
• Upside remains capped below immediate resistance at 5-DMA at 381 levels.
   
• Break above could see test of 21-EMA at 427. Violation at channel top negates bearish bias.
   
• Break below strong trendline support at 365 levels raises scope for test of 88.6% Fib at 329 ahead of channel base at 293. 

Support levels - 371 (78.6% Fib), 365 (trendline support), 329 (88.6% Fib)

Resistance levels - 381 (5-DMA), 427 (21-EMA), 436 (channel top)

Recommendation: Good to go short on break below 365, SL: 390, TP: 330/ 300