ETC/EUR trades well below 2 level, decline till 1.40 likely

ETC/EUR is seen trading low in red on Tuesday. The pair has broken major support 1.85 and declined till 1.69 levels (KRAKEN). It is currently trading around 1.765 at the time of writing.

Ichimoku analysis of hourly chart shows:

Tenkan-Sen level: 1.8481

Kijun-Sen level: 1.8946

Trend reversal level - (90 EMA)-2.089

Short-term trend remains to be bearish. The pair recovered slightly from the low of 1.69 till 1.7787 at the time of writing. ETC/EUR should break above 55 H EMA for further bullishness.

Any violation above 2.03 will take the pair to next level till 2.0895(90 H EMA)/2.219 (200 HMA)/.The minor resistance is at 1.850. 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).