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ETH/EUR trades in narrow range, break above 12.92 confirms further bullishness

ETH/EUR is seen trading slightly below on Monday. The pair is trading in a range bound between 12.799 and 11.90 for the past five trading sessions (KRAKEN). It is currently trading in 12 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 11.66

Kijun-Sen level: 11.25

Minor trend reversal level- 12.92 (Sep 21st 2016 high)

Major Trend reversal level - (89 day EMA) – 9.688

Long-term trend remains to be neutral. ETH/EUR faces strong resistance at 12.92 (Sep 21st high) and any break above confirms further bullishness.

The major resistance is around 12.92 (Sep 21st high) and any break above targets 13.74 (Jul 23rd high). Short-term support is seen at 11.80 (23.6% retracement of 8.64 and 12.799) and any break below will drag the pair till 11.25 (daily Kijun-Sen)/10.95 (10- day MA).

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