Ken Chigbo
Independent Analyst
- EOS trading down on Tuesday, after the decent bull-run in the latter stages of trading on Monday.
- A bull flag pattern has formed within the 30-minute time frame, subject to a breakout to the upside.
The EOS price was nursing losses in the latter stages of the session on Tuesday, after running into some selling at the highs, $10.90, where a touted supply zone tracks. Despite the negative trading seen, recent price behaviour suggests a breakout is pending, post the jump on Monday.
EOS/USD was driven higher in the second half of the session on Monday, before then entering a path of consolidation in today’s (Tuesday) trading. The price action has formed a bull flag pattern, which if the textbook plays out, good see some decent upside.
Technically, resistance in the near-term is seen at $10.75, the upper inside of the bull flag pattern, a break by the bulls will then see the above supply zone tested, tracking from $10.85-10.90. Support eyed at $10.45, 100MA within the 30-minute time frame, then $10.39 the lower trend line of the flag.
EOS/USD 30-minute chart
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