ETH/EUR pair trades slightly above the psychological level at 8 (KRAKEN) and it is currently trading around 8.08 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 7.45
Kijun-Sen level: 7.53
Minor trend reversal level- 8.35 (Dec 8, 2016, high)
Major Trend reversal level - (100 days MA) – 9.32
Long-term trend remains to be bearish. ETH/EUR faces strong resistance at 8.35 and any break above targets 9.32 (100-day MA).
The major resistance is around 8.35 (Dec 8, 2016, high) any break above targets 8.68 (50% retracement of 11.78 and 5.58)/ 9.32 (100- day MA). Short-term support is seen at 7.43 (21- day MA) and any break below will drag the pair till 6.62 (61.8% retracement of 5.58 and 8.33)/5.58.
