FxWirePro: ETH/EUR holds 38.2% Fib support at 775, good to go short on break below

• ETH/EUR is extending downside for 3rd consecutive session, trades 5.09% lower on the day.
   
• Upside in the pair remains capped below 5-DMA which is immediate resistance at 859.
   
• Downside in the pair is currently holding support at 38.2% Fib retrace of 115 to 1183 rally at 775.
   
• Break below 38.2% Fib support is likely to see further weakness. Scope then for test of 670 levels.
   
• Technical studies on daily and intraday charts are bearish. Immediate support below 775 lies at 50-DMA at 725 levels.
   
• On the flipside, breakout above 5-DMA could see upside till 20-DMA at 935. Violation at 20-DMA to invalidate bearish bias.

Support levels - 775 (38.2% Fib retrace of 115 to 1183 rally), 725 (50-DMA), 670 (rising trendline)

Resistance levels - 800, 859 (5-DMA), 930 (23.6% Fib)

Recommendation: Good to go short on break below 775, SL: 860, TP: 725/ 700/ 680/ 650

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest