ETH/EUR is seen trading below in red on Wednesday. The pair has broken 200 –day MA after showing a jump till 10.30 on 21st Jan 2017 (KRAKEN). It is currently trading at 9.78 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 9.67

Kijun-Sen level: 9.25

Minor trend reversal level- 11.12 (76.4% retracement of 12.84 and 5.58)

Major Trend reversal level - (60 day EMA) – 8.95

Long-term trend remains to be neutral. ETH/EUR faces strong resistance at 76.4% fibo and any close above confirms minor bullishness.

The major resistance is around 10.42 (76.4% retracement of 10.95 and 8.64) and any break above that level will take the pair till 10.95 (Jan 5th high)/11.12 (76.4% retracement of 12.84 and 5.58). Short term support is seen at 9.25 (daily Tenken-Sen) and any break below 8.95 (60- day EMA) and any break below will drag the pair till 8.64 (7.64 (61.8% retracement of 5.58 and 10.95).