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ETH/EUR trades slightly above 200-day MA, jump till 10.95 likely

ETH/EUR is seen trading slightly below in red on Wednesday. The pair has jumped till 10.47 yesterday and started to decline from that level. It is currently trading at 10.00 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 9.29

Kijun-Sen level: 8.83

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

Major Trend reversal level - (30 day EMA) – 8.32

The long-term trend remains to be neutral. ETH/EUR faces strong resistance at 10.95 high formed on Jan 5th, 2017 and any break above confirm minor bullishness, a jump till 11.78 is possible. 

The major resistance is around 10.43 (76.4% retracement of 10.95 and 8.83) and any break above that level will take the pair till /10.95 (Jan 5th high)/11.78 (Oct 18th, 2016 high). Short-term support is around 9.29 (daily Tenken-Sen) and any break below will drag the pair till 8.83 (daily Kijun-Sen)/8.57 (60 days EMA).

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