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- ETH/EUR has broken strong trendline support at 365 level to hit 2-month lows at 349 levels.
- The pair has been trading with bearish bias, break below 365 is likely to see resumption of weakness.
- Price action extends in a downward slopping channel pattern and break below 365 has raised scope for 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 373 levels.
- Break above could see test of 21-EMA at 420. 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 - 329 (88.6% Fib), 300, 293 (channel base)
Resistance levels - 365 (trendline support), 371 (78.6% Fib), 373 (5-DMA), 420 (21-EMA)
Recommendation: Good to go short on upticks, SL: 390, TP: 330/ 300
