EOSUSD Price Medium-term Trend: Ranging
- Supply zones: $9.00, $10.00, $11.00
- Demand zones: $2.00, $1.00, $0.50
EOS continues in a range-bound market in its medium-term outlook. $2.35 in the demand area was the low the bearish pressure that started from $2.40 in the supply area weakens. The formation a pinbar at the demand area signal the bulls return.
Today's bullish 4-hour opening candle sustained the bullish momentum with EOSUSD initially up at $2.39 and later at $2.48 in the supply area. Although a break in the upper supply area occurred, this is not enough to justify an uptrend until a close and retest above the $2.45 at the upper supply area of the range.
EOSUSD is in consolidation and trading between $2.45 in the upper supply area and at $2.30 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower area with a retest before placing a trade.
EOSUSD Price Short-term Trend: Bullish
EOS continues in the bullish trend in its short-term outlook. The bears further drop EOSUSD to $2.35 in the demand area before the bulls returned. This was the 61.8 fib area, a trend reversal zone. It has been a smooth ride since then northward with an initial high at $2.39 and at $2.43 in the supply area, breaking the target predicted in yesterday's analysis.
Increased momentum saw EOSUSD at $2.48 but closed with a wick an indication of exhaustion. A minor drawdown may occur for a market correction before uptrend continuation in the short-term.
The price stands above the two EMAs which connotes bullish pressure while the stochastic oscillator signal points down at 74% which suggests downward momentum needed for the correction.
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