ETH/EUR is seen trading slightly below in red on Monday. The pair is trading in a narrow range between 8.64 and 9.389 for the past three trading sessions (KRAKEN). It is currently trading at 9.17 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 9.51

Kijun-Sen level: 8.83

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

Major Trend reversal level - (60 day EMA) – 8.60

Long-term trend remains to be neutral. ETH/EUR struggles to close above 200-day MA and any break above confirms minor bullishness.

The major resistance is around 9.519 (23.6% retracement of 10.95 and 8.64) and any break above that level will take the pair till 9.79 (daily Tenken-Sen)/10.40 (Jan 9th high). Short-term support is seen at 8.60 (60- day EMA) and any break below will drag the pair till 7.63 (61.8% retracement of 5.58 and 10.95).