EOS/USD Price Analysis: EOS/USD continues to form bull flags, suggesting of a larger decent rally higher to come

EOS down 1.5% on Wednesday, however price behaviour indicating another potential rally.
Another bull flag pattern is eyed on the 60-minute chart view for EOS/USD.

Ken Chigbo Independent Analyst

The EOS price was seen down 1.5% in late trading on Wednesday, as the price remains contained within a bull flag formation, subject to an extended move to the upside. This comes after early in the week seeing a smaller breakout from a similar pattern.

EOS/USD had a surge from the bulls on Monday, where the price printed highs at $11.64, before running out of steam, in a touted supply zone. EOS was then again sent back into consolidation mode, forming a small bull flag, which was then broken to the upside. Since another formation has been seen, pending some upside pressure.

Technically, given the above-mentioned pattern, price behaviour suggest of another bout of bull dominance. Eyes will be on for a retest of the highs seen on Monday at $11.64, where a potential for the supply zone that is in proximity to be cleared, this would see $12 come back into play.

EOS/USD 60-minute chart

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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