ETH/EUR is seen trading well below in red on Thursday. The pair has once again retreated after jumping slightly above 12 levels (KRAKEN). It is currently trading around 11.50 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 11.85

Kijun-Sen level: 11.56

Trend reversal level - (100 days MA) – 10.67

Long-term trend remains to be bullish. ETH/EUR breaks 21- day MA and declined till 11.50 at the time of writing. The pair is trading  well below 10- day MA (11.77),21- day MA and Tenkan-Sen and Kijun-Sen.So short term trend is slightly weak, a decline till 11 likely.

Minor resistance is around 12.20 (61.8% retracement of 12.92 and 11) and any break above that level will take the pair till 12.92 (Sep 21st high)/13.74 (Jul 23rd high). Short-term support is seen at 11.40 (23.6% retracement of 12.92 and 6.52) and any break below will drag the pair till 11.00 (Sep 22nd 2016 low)/ 10.67 (100- day MA)/10.43 (200- day MA).