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FxWirePro: ETH/EUR faces strong resistance at 12.92, break above targets 13.74

ETH/EUR is seen trading slightly below on Thursday. The pair has formed a temporary top around 12.799 on Feb 14th, 2017 high and declined till 11.91 from that levels (KRAKEN). It is currently trading at 12.12 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) – 9.688

Long-term trend remains to be neutral. ETH/EUR faces strong resistance at 12.92 (Sep 21st high) and any break above confirms further bullishness.

The major resistance is around 12.92 (Sep 21st high) 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).

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