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Eos price analysis: EOS/USD stuffed underneath the green Ichimoku cloud

FX Street
Updated:
  • EOS/USD finds support at the SMA 20 curve.
  • Elliott Oscillator has had five straight red sessions.

EOS/USD has gone down from $3.49 to $3.45 so far this Wednesday and is sandwiched between the 20-day Simple Moving Average (SMA 20) on the downside and the green Ichimoku cloud on the upside. The hourly chart for Tuesday and Wednesday shows us that the bulls and bears have been engaged in an intense tug-of-war. The sellers initially dropped the price to $3.415, which was immediately negated by the buyers. After the price trended between the $3.48 and $3.46 range for a while, EOS/USD dropped to $3.44 in the hourly hours of Wednesday, before settling around $3.45.

EOS/USD daily chart

fxsoriginal

EOS/USD is trending in an upwards channel formation and the upward trending line, in conjunction with the SMA 20 curve are holding up the price. The Elliott Oscillator has had five straight red sessions, while the Moving Average Convergence/Divergence (MACD) indicates decreasing bullish momentum.
 

FX Street

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