FxWirePro: ETH/EUR comatose around 5-DMA, downward sloping moving averages keep bias lower

• ETH/EUR is trading in an extremely narrow range around 5-DMA at 237 levels.
   
• Price action in the pair remains below cloud and major moving averages.
   
• Further downward slopping moving averages keep downside bias intact.
   
• Momentum studies are highly bearish and MACD is well below the zero mark.
   
• We see no major signs of reversal and next major support lies at 220 (Aug 14 low).
   
• Break below 220 will raise scope for test of 158 (converged trendline and 113% Fib).
   
• On the flipside, 21-EMA is strong resistance at 276 levels. Break above to see further upside.

Support levels - 220 (Aug 14 low), 200, 158 (converged trendline and 113% Fib)

Resistance levels - 237 (5-DMA), 276 (21-EMA), 281 (Aug 18 high)

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 27.0931 (Neutral) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.