FxWirePro: ETH/EUR breaks major support at 370, targets 88.6% Fib at 330 level

• ETH/EUR extending declines after failure to hold break above 55-EMA last month.
   
• After consolidating around 21-EMA for the past 2 weeks, the pair seems to have resumed weakness.
   
• Price action has broken major support at 370 level which is 78.6% Fib and major trendline.
   
• Technical indicators for near-term are bearish. RSI is below 50 and Stochs are biased lower.
   
• We now see scope for test of 88.6% Fib at 330 levels. Violation there could see further weakness.
   
• On the upside, 5-DMA at 383 is immediate resistance. Break above could see test of 21-EMA at 392 ahead od 55-EMA at 415.

Support levels - 358 (July 12 low), 349 (June 29 low), 330 (88.6% Fib), 283 (Mar 29 low)

Resistance levels - 370 (nearly converged trendline and 78.6% Fib), 383 (5-DMA),  415 (55-EMA), 440 (61.8% Fib)

Recommendation: Good to stay short upticks around 360/365, SL: 385, TP: 350/ 330/ 300

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 94.1894 (Bullish) at 0645 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.