EOS Price Analysis: EOS moves above 2.00 once again
- EOS has bounced back after the recent price drop and trades 6.6% higher.
- The price has broken the main wave low of 2.15 which is a bearish sign.
EOS/USD daily chart
EOS has been trading in very bearish territory and continues to make lower highs and lower lows. The price of the pair broke below the psychological 2.00 handle recently and has now pushed back above it in recent trade. There is also a large amount of volume behind the move higher. In retrospect, this is a far cry from the 5.50 just one month ago.
The bulls would need a break above 2.25 to confirm a break above the top of the consolidation point. The blue internal trendline has also offered some support to stem the losses. The sticky congested 3.00 area seems to be acting like a mean value for the price. So, if the price does break higher watch out for some resistance there.
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Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
