EOS USD Medium-term Trend: Ranging
Supply levels: $18.6, $18.4, $18.2
Demand levels: $17.4, $17.6, $17.8
Yesterday, March 7 the price of EOS was trading in a ranging market. The price of the asset was ranging horizontally between the resistance level at $20 and the support level at $16. In addition, the ranging market had a choppy price action which makes trading difficult. However, the price of the asset is likely to break any of these levels in the nearest future. The asset is currently trading at $18.06.
However, looking at the weekly chart, the EOSUSD pair is still in a ranging market. The asset has not changed in terms of the variables of yesterday. The EOSUSD pair has a choppy price action as a result; none of the levels have been broken. The value of EOS may be an equivalent value with the US dollar. If one of the pairs gets stronger then we will have breakout trading.
Meanwhile, the relative strength index period 14 is level 51 which indicates that price of the asset is in the range bound zone.
EOS USD Short-term Trend: Ranging
In the daily chart, price of EOS is in a ranging market. At the price of $17.80 and $18.0, the asset was ranging only at the support level. Then at the support level, it had a bullish movement which took it to the resistance level at $18.6. It ranged at that level before it fell to the support level. You can adopt a range bound market strategy to trade this price action.
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