EOS price analysis: EOS/USD magnetised to ascending trend line, but on the wrong side of it for the bulls
|- EOS slips on Monday, dropping 3%, after running into resistance at $13.
- Price has broken and retested several times the key trend line, subject to further potenail selling pressure.
The EOS price nursing losses of 3% on Monday, after starting the session initially well, before running into problems once again, underneath the previously supporting trend line. Selling came as EOS/USD touched $13 territory, before breaching $12 to the downside and moving to session lows at $11.59.
Over the past 5 sessions, EOS/USD price action has been magnetised to the ascending trend line, which is proving to be very stubborn. Any upside witnessed is short-lived, given the strength of the mentioned resistance area.
Technically, with the recent rejection in mind, at the troublesome trend line, which is also in proximity to the 50DMA, sitting just above $13. The price of course has broken and retested the trend line, it would be expected by the textbook, for a continued move lower now. Support levels further south to be aware of; $11.55, $10.35, $8.40 and then $7.00. Resistance has mentioned seen just above the $13 mark.
EOS/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.