ETH/EUR is seen struggling to move above and trades in red on Thursday. The pair has retreated sharply after making a high of 10.37 levels (KRAKEN) yesterday. It is currently trading at 9.12 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 10.66

Kijun-Sen level: 13.81

Trend reversal level - (90 4H MA) – 10.61

Long-term trend remains bullish. Short term seems to be bearish. In daily chart, ETH/EUR is struggling to break above 7 days EMA .Any further bullishness only above that level.

Major resistance is observed at 10.37 (7 days EMA) and any break above that level will take the pair till 11.36 (55 days EMA)/12.17 (61.8% retracement of 14.38 and 8.55). Short term support is seen at 8.56 (May 14th low) and any violation below will drag the pair till 8 (May 6th low)/7.44 (200 day MA).