FxWirePro: ETH/EUR fails at 110-EMA, extends weakness for 2nd straight session, bias lower

• ETH/EUR is extending weakness for the 2nd straight session, trades 0.98% lower on the day at 501.58 levels.
   
• The pair has been trading in a 'Symmetric Triangle' pattern and price action has been rejected at 'Triangle Top'.
   
• Upside also has failed to extend upside above major resistance at 110-EMA.
   
• The pair has slipped below 5-DMA and we see scope for further downside on bearish Technical indicators.
   
• The pair finds support at daily cloud base at 488 levels. Break below will see further weakness.
   
• Next major support below daily cloud lies at 460 (Triangle Base). Violation there could see test of 61.8% Fib at 440.
   
• On the flipside, we see bearish invalidation only on breakout at Triangle Top.

Support levels - 488 (cloud base), 460 (Triangle Base), 440 (61.8% Fib)

Resistance levels - 508 (5-DMA), 520 (21-EMA), 535 (110-EMA)

Recommendation: Good to stay short on break below daily cloud, SL: 510, TP: 460/ 440

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