Short ETH/EUR break below daily cloud, TP: 420/ 400/ 375
ETH/EUR finds strong support at daily cloud base at 442 levels.
The pair has edged higher from session lows at 442 to currently trade at 461 levels.
Technical indicators are highly bearish. We see scope for further weakness on break below cloud.
Momentum studies are highly bearish. We see -ve DMI dominance and ADX is above 25 and rising supporting the trend lower.
Price action is below major EMAs on the daily chart and upside remains capped at 5-DMA at 493.
Next major bear target lies at 420 (Dec 22 lows) ahead of 371 (78.6% Fib).
On the flipside, break above 5-DMA will see upside till 100-DMA at 524. Violation at 100-DMA negates bearish bias.
Support levels - 442 (cloud base), 440 (61.8% Fib), 420 (Dec 22 lows), 371 (78.6% Fib)
Resistance levels - 488 (50% Fib), 493 (5-DMA), 524 (100-DMA)
Good to go short on break below daily cloud, SL: 490, TP: 420/ 400/ 375
The pair has edged higher from session lows at 442 to currently trade at 461 levels.
Technical indicators are highly bearish. We see scope for further weakness on break below cloud.
Momentum studies are highly bearish. We see -ve DMI dominance and ADX is above 25 and rising supporting the trend lower.
Price action is below major EMAs on the daily chart and upside remains capped at 5-DMA at 493.
Next major bear target lies at 420 (Dec 22 lows) ahead of 371 (78.6% Fib).
On the flipside, break above 5-DMA will see upside till 100-DMA at 524. Violation at 100-DMA negates bearish bias.
Support levels - 442 (cloud base), 440 (61.8% Fib), 420 (Dec 22 lows), 371 (78.6% Fib)
Resistance levels - 488 (50% Fib), 493 (5-DMA), 524 (100-DMA)
Good to go short on break below daily cloud, SL: 490, TP: 420/ 400/ 375