ETC/EUR faces strong resistance at 90-H EMA, good to sell on rallies

ETC/EUR has slightly jumped till 1.88 yesterday from the low of 1.530 levels (KRAKEN). It is currently trading around 1.6976 at the time of writing.

Ichimoku analysis of hourly chart shows:

Tenkan-Sen level: 1.6921

Kijun-Sen level: 1.710

Trend reversal level - (90 EMA)-1.9570

Short-term trend remains to be bearish. The pair is facing strong resistance at 90-H EMA. ETC/EUR should break above 90 -H EMA for further bullishness.

Any violation above 1.9570 will take the pair to next level till 2.20 (200 HMA)/2.57 (61.8% retracement of 3.231 and 1.530).The minor resistance is at 1.8764. On the lower side minor support is around 1.65 (161.8% retracement of 1.85 and 2.17) and break below targets 1.40 (Jul 31st low).