ETH/EUR is seen trading well above on Wednesday. The pair has recovered sharply after making a low of 9.95 levels (KRAKEN) yesterday. It is currently trading at 11 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 10.33

Kijun-Sen level: 11.15

Trend reversal level - (90 4H MA) – 10.45

The Long-term and short-term trend remains to be bullish. In daily chart, ETH/EUR is trading well above 21 days MA. So a jump till 11.40 is possible.

Major resistance is seen at 10.97 (Yesterday’s high) and any break above that level will take the pair till 11.40 (15th Jul high)/12.17 (61.8% retracement of 14.38 and 8.55). Short-term support can be noticed at 10 and any violation below will drag the pair till 8.55 (Jul 5th, 2016 low)/8 (May 6th low).