- EOS bounces off key ascending trendline support.
- All eyes aim for $3.7 supply zone but EOS must deal with $3.55 (50 SMA) sellers’ congestion zone.
EOS bulls are not giving up hope, neither are the investors. Recovery has been remarkably hampered since the beginning of the week. The initial attempt to correct above $3.70 culminated in losses that could have testes $3.40.
The bulls, however, took advantage of the ascending channel to force a recovery above the 100 Simple Moving Average on the hourly chart. An ongoing bullish movement has no choice but to break $3.55 resistance in order to bring $3.7 into sight. The main focus remains on $4.0 and is within reach as long as the technical picture keeps improving.
From a technical point of view, the bulls are finally ready to pull the leg upwards. The Relative Strength Index is treading towards 70. The Moving Average Convergence Divergence is expanding the bullish cross while moving closer to the mean line. The prospects remain good enough for EOS to lead the recovery ahead of the weekend session.
EOS/USD 1-hour chart
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