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FxWirePro: ETH/EUR breaks major support at 8.83, decline till 6.72 likely

Thursday, January 12, 2017 9:37 AM UTC

ETH/EUR is seen trading well below on Thursday. The pair has declined sharply after jumping till 10.14 yesterday (KRAKEN). It is currently trading at 8.68 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 9.41

Kijun-Sen level: 8.83

Minor trend reversal level- 11.12 (76.4% retracement of 12.84 and 5.58)

Major Trend reversal level - (89 day EMA) – 8.85

Long-term trend remains to be neutral. ETH/EUR breaks major support at 8.835 (89- day EMA) and this confirms minor trend reversal, a decline till 6.72 is possible.

The major resistance is around 8.835 (89- day EMA) and any break above that level will take the pair till 9.41 (daily Tenken-Sen)/11.78 (Oct 18th, 2016 high). Short-term support is seen at 9.29 (daily Tenken-Sen) and any break below will drag the pair till 8.83 (daily Kijun-Sen)/8.57 (60 days EMA).

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Digital Currency Revolution

FxWirePro: ETH/EUR breaks major support at 8.83, decline till 6.72 likely

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