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EOS/USD price analysis: Bears have full control for the third day in a row

FX Street
Updated:
  • EOS/USD went down from $5.26 to $5.17 in the early hours of Thursday.
  • The market has found support on the red Ichimoku cloud.

EOS/USD bears are well and truly on the driver seat as they have full control of the market for the third day in a row. This Wednesday has been extremely bearish as the price plummeted from $5.88 to $5.26. Looking at the hourly breakdown, we can see that EOS/USD suddenly went down from $5.82 to $5.23 in just two hours, after trending horizontally for most of the day.

EOS/USD daily chart

The EOS/USD daily price chart forms a triangle formation, from which the market has had a bearish breakout. This Wednesday’s price movement has broken past support levels at $5.81, $5.63 and $5.45. Currently, EOS/USD has found support on the red Ichimoku cloud. The relative strength index (RSI) indicator is trending around 34.35, right next to the oversold zone. The Elliot oscillator shows that three out of the last four sessions are bearish.
 

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