FxWirePro: ETH/EUR capped below 5-DMA, break below 360 to see further weakness

• ETH/EUR edges higher from 2-month lows at 359, we see hammer formation at lows.
   
• Trade extends in a slopping channel pattern and bias remains bearish.
   
• The pair is currently trading at 400 levels, up 2.39% on the day. 
   
• Upside remains capped below immediate resistance at 5-DMA at 409 levels.
   
• Break above could see test of 21-EMA at 445. Violation at channel top negates bearish bias.
   
• Technical indicators are biased lower, we see scope for further weakness on break below strong trendline support at 360 levels.

Support levels - 371 (78.6% Fib), 360 (trendline support), 329 (88.6% Fib)

Resistance levels - 409 (5-DMA), 445 (21-EMA), 453 (channel top)