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Eos price analysis: EOS/USD finds support on upward trending line

FX Street
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  • EOS/USD had a heavily bearish Monday, where it fell from $3.59 to $3.45.
  • The Elliott Oscillator shows four straight red sessions.

EOS/USD had a strong start to the day as the price went up from $3.44 to $3.47. This follows a heavily bearish Monday, wherein EOS/USD dropped from $3.59 to $3.45, where it found support at the upward trending line. The hourly breakdown for Monday shows us that EOS/USD fell from $3.61 to $3.448, after which it trended horizontally to end the day.  

EOS/USD daily chart

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EOS/USD is floating above the 20-day Simple Moving Average (SMA 20) and SMA 50 curves. The 20-day Bollinger jaw is narrowing, indicating decreasing price volatility. The Moving Average Convergence/Divergence (MACD) indicates decreasing bullish market momentum, while the Elliott Oscillator shows four straight red sessions. The Relative Strength Index (RSI) indicator is trending around 58.33.

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