ETH/EUR is seen trading below in red on Thursday. The pair has once again retreated after showing a slight jump from the low of 7.21 levels (KRAKEN). It is currently trading around 7.20 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 7.63

Kijun-Sen level: 7.289

Minor trend reversal level- 9.40 (trend line joining 12.92 and 11.78)

Major Trend reversal level - (100 days MA) – 10.44

Long-term trend remains to be bearish. ETH/EUR upside capped by 21 –day EMA and slight bullishness only above that level.

The major resistance is around 7.74 (21 day EMA) any break above targets 8.35 (Dec 8th high)/ 8.54 (55- day EMA). Short-term support is seen at 7.22 (161.8% retracement of 7.59 and 8.12) and any break below will drag the pair till 6.62 (61.8% retracement of 5.58 and 8.33)/5.58.