- Sellers ignored the oversold levels pushing for lower corrections.
- The immediate resistance is at $7.8 (50% Fibo) but the buyers have their eyes glued on $8.00.
Eos price has broken the support from the bullish flag pattern formed during the session on Tuesday. The price is dancing with the 61.8% Fib retracement level with the previous swing high of $8.5 and a low of $7.0 after recovering from today’s dip at $7.42. The Bulls are brewing a comeback which could see EOS breach the resistance at $7.8 and attack the key levels at $8.00 and $8.20 respectively.
In the intraday trading yesterday, EOS/USD upside movements were limited by the 23.6% Fibonacci retracement level as seen on the chart. In spite of the declines that took place last week, the sellers ignored the oversold levels pushing for lower corrections. The immediate resistance, at the moment, is at $7.8 (50% Fibo) but the buyers have their eyes glued on $8.00.
The region at $8.00 is an upside target and a breakout point. If EOS manages to clear the selling pressure, the buyers will have time to gather the momentum, however, consolidation above $8.00 is also good enough in the short-term. On the flipside, EOS/USD is using the support at $7.5 but if a trend reversal occurs, the downside will be protected at $7.2. If it fails, EOS price will test last week lows at $7.00; a move that could breakdown towards $5.00.
EOS/USD 15′ chart
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