- EOS technical levels average as sideways trading lags triangle breakout.
- EOS/USD is immediately supported by the 50 SMA.
EOS is in the middle of a consolidation phase following last week’s rejection from the zone slightly above $5.6. EOS/USD was not spared by the bear pressure that swept across the market in two separate days last week; Tuesday and Thursday. Various support areas failed to stop the declines which finally sort refuge at $4.53.
A reversal from the above low gave way for gains that zoomed above the 50 Simple Moving Average (SMA). Further correction from this level stepped above the 100 SMA. Moreover, the short-term 50 SMA double-crossed above the 100 SMA to show that the momentum to the upside was gaining traction.
At press time, EOS is trading at $4.9 and is ranging along a horizontal line within the tip of the triangle pattern. The sideways trading continues to lag the looming triangle breakout. A break past the triangle resistance is likely to place EOS above $5.0 and extended the gains to the next resistance hurdle at $5.5. A look at the chart, however, shows that the price will sustain the ranging trend in the coming sessions. The immediate downside is protected by the 50 SMA at $4.8786 while the 100 SMA will offer support at $4.8339.
EOS/USD 1-hour chart
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