EOS Technical Analysis: EOS/USD could drop another $1 at least before any correction.

EOS trading down on Thursday 3% in the latter part of the session.
EOS/USD trading within a bearish pennant, this can be witnessed across a number of its peers also, seemingly being the technical structure theme today - Thursday.
Given the above, there is room for another hard fall, if going by the length of the pennant pole, which is around $1.
Another potential $1 fall could see EOS/USD down at $2.70-60.

Ken Chigbo Independent Analyst

EOS/USD 60-minute chart

Spot rate: 3.7368

Relative change: -3.01%

High: 3.9084

Low: 3.6834

Trend: Bearish

Support 1: 3.7130 , lower part of pennant.

Support 2: 3.4703, 20th November low.

Support 3: 2.9930, weekly support

Resistance 1: 3.8607, upper part of pennant.

Resistance 2: 3.9272, 60-minute resistance.

Resistance 3: 4.2669, 20th November high.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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