EOS price analysis: Will this breakout sustain?
- EOS breaks out on medium term chart.
- Confirmations pending, retracement likely.
EOS managed to break out of a descending trendline resistance on the medium term chart but likely it may still retrace from here, back to the breakout line while confirmation of this brakout are still pending.
EOS/USD is down more than 1 percent at $6.58 and sitting at the middle point of the range for the day. The trendline on the 480-minute chart, where the EOS broke out and may again retrace back to, now stands at $6.2.
Till the time bulls can't take off the range of $7 - $7.7, this breakout will keep facing selling pressures at higher levels.
EOS/USD 480-minute chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
