ETH/EUR is seen recovering from red on Wednesday. The pair has made an all-time high of 17.24 on Tuesday and declined from that level till 15.01 levels (KRAKEN). It has taken support near 4-hour Kijun-Sen and recovered from that level. It is currently trading around 16.52 at the time of writing.

Ichimoku analysis  of 4-hour chart shows:

Tenkan-Sen level: 15.82

Kijun-Sen level: 14.70

Trend reversal level - (21 4H EMA)-14.60

Long-term trend remains bullish. Any short term weakness only below 14.60. Major resistance is seen at 17.25 (yesterday high) and any break above that level will take the pair till 18.11 (1.618% retracement of $13.39 and $9.25)/ 20.09 (2.618 % retracement of 13.39 and 9.25). Short term support is seen at $15.88 (10 4H EMA) and any violation below will drag the pair till $15.51 (23.6% retracement of 14.40 and 17.25)/15.01 (yesterday low) /14.60 (21 4H MA). The minor support is at $16.05. Jump till 18 is likely.

“ETH/EUR has taken support near 4-hour Kijun-Sen and recovered from that level. Any weakness could be seen only below that level. A jump till 18 seems likely”, FxWirePro said in a statement.