FxWirePro: ETH/EUR faces strong support 8 level, good to sell on rallies

ETH/EUR is seen trading in red on Friday. The pair recovered sharply from the low of 8.21 made yesterday (KRAKEN). It is currently trading around 8.72 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 8.94

Kijun-Sen level: 9.24

Trend reversal level - (100 day MA) – 10.47

Long-term trend remains to be bearish. ETH/EUR faces strong support at 8 levels. So, major weakness can be seen only below this level.

The minor resistance is around 9.15 (10 day MA) and any break above targets 9.40 (21-day MA)/9.75 (61.8% retracement of 10.30 and 8.8750). Short-term support is seen at 8.75 (61.8% retracement of 7.80 and 10.30) and any break below targets 7.80 (Oct 29th low).