FxWirePro: ETH/EUR struggles to close above 10 level, good to sell on rallies

ETH/EUR is seen trading below in red on Monday. The pair is trading in a narrow range between 10.30 and 9.32 for the past seven trading sessions (KRAKEN). It is currently trading around 9.77 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 9.05

Kijun-Sen level: 9.79

Trend reversal level - (100 day MA) – 10.61

Long-term trend remains to be bearish. ETH/EUR upside is capped by 50% fibo at 10.34 (50% retracement of 12.92 and 7.80) and any break above confirms minor bullishness.

The major resistance is around 10.34 (50% retracement of 12.92 and 7.80) and any break above targets 10.68 (55- day EMA)/11.03 (50- day MA). Short-term support is seen at 9.32 (Nov 1st low) and any violation below targets 8.75 (61.8% retracement of 7.80 and 10.30)/7.80.