FxWirePro: ETH/EUR faces strong resistance at 90-day EMA, good to buy on dips

ETH/EUR is seen trading slightly above on Monday. The pair has slightly recovered after making a low of 9.26 levels (KRAKEN). It is currently trading at 9.99 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 8.99

Kijun-Sen level: 10.13

Trend reversal level - (90 days EMA) – 10.56

Long-term trend remains to be bearish. In a daily chart, ETH/EUR has taken support near 200 days MA and any close below will drag the pair further down.

Major resistance is seen at 10.40 (21 days EMA) and any break above that level will take the pair till 10.83 (50 day MA)/ 10.98 (61.8% retracement of 13.74 and 6.52). Short-term support can be noticed at 8.90 (200 day MA) and any violation below will drag the pair till 6.52 (3rd Aug low)/5.30 (161.8% retracement of 8.55 and 13.74).