ETH/EUR trades slightly above 21-day MA, jump till 12.12 likely

ETH/EUR is seen trading slightly above on Tuesday.  The pair has slightly recovered sharply from the low of 9.85 levels (KRAKEN) made yesterday. It is currently trading at 10.65 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 8.87

Kijun-Sen level: 10.13

Trend reversal level - (90 days EMA) – 10.55

Long-term trend remains to be bearish. In a daily chart, ETH/EUR is trading well above Tenkan-Sen and Kijun-Sen. So a jump till 12.12 is possible.

Major resistance is seen at 10.85 (21 day MA) and any break above that level will take the pair till 12.12 (Jul 27th high). Short term support can be noticed at 9.98 (7 day EMA) and any violation below will drag the pair till 8.87 (daily Tenkan-Sen)/9.26 (Aug 6th low).