ETH/EUR is seen trading slightly below in red on Thursday. The pair is trading in a narrow range between 9.99 and 8.64 for the past seven trading sessions (KRAKEN). ETH/EUR jumped till 9.99 yesterday and is currently trading at 9.65 at the time of writing.
Ichimoku analysis of daily chart indicates:
Tenkan-Sen level: 9.41
Kijun-Sen level: 8.83
Minor trend reversal level- 11.12 (76.4% retracement of 12.84
and 5.58)
Major Trend reversal level - (60 day EMA) – 8.72
Long-term trend remains to be neutral. ETH/EUR struggles to close above 200- day MA and any close above confirms minor bullishness.
The major resistance is around 9.85 (200- day MA) and any break above that level will take the pair till 10.40 (Jan 9th high)/10.95 (Jan 5th high). Short-term support is seen at 8.92 (89- day EMA) and any break below will drag the pair till 8.75 (60- day EMA)/7.64 (61.8% retracement of 5.58 and 10.95).
