ETH/EUR has recovered sharply in previous week from the low of 6.52and closed at 9.94 levels (KRAKEN).It is currently trading at 11.72 at the time of writing.

Ichimoku analysis of weekly chart shows:

Tenkan-Sen level: 12.80

Kijun-Sen level: 10.83

Trend reversal level - (50-W MA) – 5.49

Long-term trend remains to be bearish. In a daily chart, ETH/EUR upside is capped by 38.2% retracement of 19.08 and 6.52 at 11.30 and short term bullishness can be seen above 11.30.Any break above 11.30 will target 12.80/13.75.

Major resistance is around 11.30 (38.2% retracement of 19.08 and 6.52) and any break above that level will take the pair till 12.80 (Weekly Tenken-Sen)/13.75 (Jul 23rd high). Short-term support is seen at 9.40 (38.2% retracement of 11.30 and 6.52)) and any violation below will drag the pair till 8.55 (Jul 5th low)/7.85 (34 W EMA)/6.52 (Aug 2nd low).