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  • SMA 50 is on course to cross-over the SMA 200 and chart the golden cross pattern.
  • The RSI indicator was trending at the edge of the overbought zone before it crept down.

EOS/USD daily chart

EOS/USD daily chart

EOS/USD continue to trend horizontally as the price consolidated itself around the $4.20-level. The price is hovering above the red Ichimoku cloud, SMA 20, SMA 50 and SMA 200. The SMA 50, in particular, is about to cross over the SMA 200 to chart the golden cross pattern, which is a heavily bullish sign. 

The Elliott Oscillator has had four red sessions out of the last five, while the MACD indicates decreasing bullish momentum. The RSI was trending at the edge of the overbought zone but has now crept down. All these indicators show that the bears have control of the market as the price goes through consolidation.