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 an uptrend its medium-term outlook. The bullish pressure returned after the brief pullback to $4.05 in the demand area. EOS rose to a high of the day at $4.39 in the supply area before momentum loss. This was a retest of the high made on 23rd February.
The bears held on as EOS was down to $4.24 shortly after today’s opening. Exhaustion to the bearish momentum was obvious with the candle closing with wicks. Moreover, this is within the 23.6 fib area a trend continuation zone. It suggests that the uptrend continuation is imminent.
The price is above the two EMAs crossover that is fanned apart which connotes strength in the trend. The stochastic oscillator signal is slightly down in the overbought region of 80%. These suggest brief retracement before the bullish continuation.
EOSUSD Price Short-term Trend: Bullish
EOS continues in a bullish trend in its short-term outlook. The retracement was brief during yesterday session to $4.09 before the uptrend continuation. The 10-EMA acted as strong support for the bulls’ returned as the price rose to $4.39 in the supply area before the end of the session.
Retracement is currently ongoing as today opening candle closed as an inverted pinbar which gave the bears control of the market. This was confirmed by the stochastic oscillator signal which points down at 42%.
The two EMAs that are fanned apart which suggest strength in the context of the trend and in this case the uptrend trend. The price is above the EMAs an indication of strong bullish pressure in the short-term.
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