ETH/EUR struggles to close above 10–day MA, good to sell on rallies

ETH/EUR is seen trading slightly below on Thursday. The pair has retreated sharply after jumping till $12.10 yesterday (KRAKEN).  It is currently trading around 11.72 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 11.96

Kijun-Sen level: 11.449

Trend reversal level - (100 days MA) – 10.70

Long-term trend remains to be bullish. ETH/EUR is facing strong resistance at 12.20 (61.8% retracement of 12.92 and 11) and any break above targets 12.92.

Minor resistance is around 12.20 (61.8% retracement of 12.92 and 11) and any break above that level will take the pair till 12.92 (Sep 21st high)/13.74 (Jul 23rd high). Short-term support is seen at 11.44 (daily Kijun-Sen) and any break below will drag the pair till 11 (22nd Sep low) 10.58 (50- day MA)/10.39 (200- day MA).