ETH/EUR faces strong resistance at 12.17, break above targets 14.38

ETH/EUR is seen trading well above on Friday. The pair has recovered after making a low of 10.69 levels (KRAKEN). It is currently trading at 12.04 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 10.73

Kijun-Sen level: 10.84

Trend reversal level - (90 4H MA) – 10.58

Long-term trend remains to be bullish. Short term seems to be bearish. The ETH/EUR is facing strong resistance at 12.17 (61.8% retracement of 14.38 and 8.55). Any further bullishness can be seen only above that level.

Major resistance is seen at 12.17 and any break above that level will take the pair till 13.15 (78.6% retracement of 14.38 and 8.55). Short-term support can be noticed at 10.90 (55 days EMA) and any violation below will drag the pair till 10.24 (21 days MA)/10.