ETH/EUR on track to test 78.6% Fib at 382, stay short
Price action rages in 'Symmetric Triangle' pattern and we see scope for test of 'Triangle Base' and 78.2% Fib at 382 levels.
Breach at 'Triangle Base' could see further downside. Scope then for test of 88.6% Fib at 282 levels.
On the flipside, breakout above 5-DMA could see test of 20-DMA at 494. Breakout at 20-DMA invalidates bearish bias.
Support levels - 382 (converged trendline and 78.6% Fib retrace of 168 to 1168 rally), 370 (March 18 low), 334 (Dec 8 low)
Resistance levels - 422 (5-DMA), 493 (20-DMA), 500
Recommendation: Good to short rallies around 400, SL: 422, TP: 382/ 370/ 335
Breach at 'Triangle Base' could see further downside. Scope then for test of 88.6% Fib at 282 levels.
On the flipside, breakout above 5-DMA could see test of 20-DMA at 494. Breakout at 20-DMA invalidates bearish bias.
Support levels - 382 (converged trendline and 78.6% Fib retrace of 168 to 1168 rally), 370 (March 18 low), 334 (Dec 8 low)
Resistance levels - 422 (5-DMA), 493 (20-DMA), 500
Recommendation: Good to short rallies around 400, SL: 422, TP: 382/ 370/ 335
Price breaks below 78.6% Fib, bias lower.