ETH/EUR is seen trading below in red on Friday. The pair declined slightly after jumping till 8.29 yesterday (KRAKEN). It is currently trading around 7.55 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 8.34

Kijun-Sen level: 8.64

Trend reversal level - (100 day MA) – 10.37

Long-term trend remains to be bearish. ETH/EUR upside capped by daily Tenken-Sen and any break above confirms minor bullishness, a jump till 8.63/8.89 (21- day MA) is possible.

The minor resistance is around 8.35 (daily Tenken-Sen) and any break above targets 8.65 (daily Kijun-Sen)/8.89 (21- day MA). Short-term support is seen at 7.09 (127.2% retracement of 7.80 and 10.30) and any break below targets 6.52(Aug 2nd, 2016 low).