ETH/EUR is trading well below in red on Thursday. The pair has declined sharply after making a high of 10.47 yesterday (KRAKEN). It is currently trading around 10.07 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 10.50

Kijun-Sen level: 10.32

Trend reversal level - (90 days EMA) – 10.36

Long-term trend remains to be bullish. ETH/EUR faces strong support at 200-day MA and any break below targets 9.40 level.

Major resistance is around 10.42 (5-day MA) and any break above that level will take the pair till 11 (61.8% retracement of 13.74 and 6.52)/11.30 (Aug 9th low). Short-term support is seen at 10.01 (200-day MA) and any violation below will drag the pair till 9.40 (Aug 19th, 2016 low)/7.99.