- ETH/EUR has broken strong trendline support at 622, holds above 2H 110-EMA at 608 levels.
- The pair is extending downside for 2nd straight session, slips below 5-DMA at 651.
- Technical studies are turning bearish. RSI and Stochs are on verge of rollover from overbought levels.
- Break below 2H 110-EMA likely to see further downside. Scope then for test of 566.
- On the flipside, retrace and close above 5-DMA invalidates bearish bias.
Support levels - 608 (2H 110-EMA), 600, 590 (50% Fib), 566 (61.8% Fib)
Resistance levels - 650 (5-DMA), 694 (May 6 high), 700
Recommendation: Good to go short on rallies around 620/640, SL: 670, TP: 600/ 590/ 570
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