ETH/EUR is seen trading slightly below on Thursday after trading high. The pair has formed a temporary top around 12.799 and declined slightly from that level (KRAKEN). It is currently trading at 12.18 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 11.33

Kijun-Sen level: 11.25

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

Major Trend reversal level - (89 day EMA) – 9.63

Long-term trend remains to be neutral. ETH/EUR faces strong support at 11.80 (23.6% retracement of 8.64 and 12.799) and any break below confirms further weakness.

The major resistance is around 12.92 (127% retracement of 10.95 and 8.64) 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).