- ETH/EUR has been trading in a 'Symmetric Triangle' pattern and price action has been rejected multiple times at 'Triangle Top'.
- Upside also has failed to extend upside above major resistance at 110-EMA.
- The pair is extremely rangebound on the day and we see scope for further downside on bearish Technical indicators.
- The pair finds immediate support at 100-DMA, break below eyes daily cloud base at 488 levels. Break below cloud 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 (currently at 525 level).
Support levels - 504 (100-DMA), 488 (cloud base), 460 (Triangle Base), 440 (61.8% Fib)
Resistance levels - 517 (5-DMA), 520 (21-EMA), 535 (110-EMA)
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