ETH/EUR sell opportunity
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)
Good to go short on break below 775, SL: 860, TP: 725/ 700/ 680/ 650
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)
Good to go short on break below 775, SL: 860, TP: 725/ 700/ 680/ 650
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