EOS Price Analysis: EOS/USD climbs above downward channel formation

• EOS/USD spiked from $3.67 to $3.96 this Monday.
• The Elliott Oscillator has had two green sessions following eight consecutive red sessions.

EOS/USD daily chart

Over the last three days, EOS/USD spiked and jumped above the downward channel formation. During this time period, EOS/USD went up from $3.50 to $4.06 and is hovering above the SMA 20, SMA 50 and SMA 200 curves. Three days back, the SMA 20 had crossed over the SMA 200, charting the golden cross pattern. The MACD indicates a reversal of bearish momentum, while the Elliott Oscillator has had two green sessions following eight consecutive red sessions. The RSI indicator has peaked into the overbought zone, hinting that bearish correction may be round the corner.