FxWirePro: ETH/EUR rejected at 176.4% Fib, retraces below 1000 mark, close below 5-DMA could see further weakness

• ETH/EUR is extending downside from 1150 levels, currently hovers around 1000 mark after hitting session lows at 961.
   
• The pair spiked past 1000 barrier to hit fresh all-time highs at 1150 levels.
   
• But, price was rejected at 176.4% Fib at 1151, break above needed for further upside.
   
• Technical bias still bullish on the daily charts, but we see some weakness on the hourlies.
   
• 1H 100-SMA at 981 is immediate support, decisive break below could see drag lower.
   
• Close below 5-DMA at 992 on daily charts could see retrace upto 885 levels.
   
• Breakout at 1151 finds next bull target at 1219 (188.6% Fib) ahead of 1282 (200% Fib)

Support levels - 1000, 992 (5-DMA), 981 (1H 100-SMA)

Resistance levels - 1069 (161.8% Fib extension of 167.22 to 725 rally), 1151 (176.4% Fib), 1219 (188.6% Fib), 1282 (200% Fib)

Recommendation: Watch for decisive break below 1H 100-SMA for further weakness.

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