EOSUSD Price Medium-term Trend: Bullish
- Supply zones: $9.00, $10.00, $11.00
- Demand zones: $2.00, $1.00, $0.50
EOS remains in a bullish trend in its medium-term outlook. The bulls remained in control of the market after a consistent move to the upside after the formation of the bullish marubozu candle at $2.79. EOSUSD rose to $3.01 in the supply area. The bulls target of yesterday’s analysis was attained.
The bearish doji from yesterday coupled with the bearish 4-hour opening candle was an indication of the bear pressure as EOSUSD dropped to $2.87 in the demand area. This should be seen as a market correction before uptrend continuation.
The inverse head and shoulder pattern is still valid in the medium-term outlook as the bulls target $3.20 in the supply area with the price above the two EMAs, an indication of strong bullish pressure.
EOSUSD Price Short-term Trend: Bullish
EOS continues in a bullish trend in its short-term outlook. The bulls resume their journey up north with strong momentum after a minor drawdown was terminated at the 10-EMA. $3.00 in the supply area was retested. The formation of a bearish inverted hammer after today’s opening brought back the bears.
The price is within the 38.2 fibs a trend continuation zone. The bulls may return at this area to resume their upward movement after exhaustion of the bearish momentum.
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