ETH/EUR is seen trading below in red on Wednesday. The pair has once again retreated after jumping slightly above 12 level (KRAKEN). It is currently trading around 11.86 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 11.80

Kijun-Sen level: 11.50

Trend reversal level - (100 days MA) – 10.689

Long-term trend remains to be bullish. ETH/EUR has taken support near daily Tenken-Sen and slightly recovered from that level. The pair is trading above 10- day MA (11.77), Tenkan-Sen and Kijun-Sen.So short term trend is slightly bullish, a jump till 12.92 likely.

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 11.65 (21- day MA) and any break below will drag the pair till 11.06 (55- day EMA)/ 10.68 (100- day MA)/10.41 (200- day MA).