EOS/USD Medium-term Trend: Ranging
- Resistance: $ 14.5, $15.0, $15.5
- Support: $13.5, $13, $12.5
Yesterday, June 4, price of EOS had been ranged bound between the levels of $12,50 and $11,50. However, within the range bound zone the asset had a bullish breakout that took price to the high of $14.35. The range bound zone had been broken but the asset fell to the low of $13. Today price of EOS is currently trading at $13.06 as at the time of writing.
From the 4-hour chart, price of the asset fell to the low of $13.06 and the asset was ranging at that level. However, we are to take note of the critical levels of the price of EOS as it commences its ranging pattern. Nevertheless, if we know the critical levels of the asset and the price action of the ranging market, then we can adopt a range bound market strategy to trade the asset.
But if the asset has a choppy price action, we adopt a break out trading by using pending orders at those critical levels. Meanwhile, the relative strength index period 14 is level 45 indicates that the asset is in a range bound zone.
EOS/USD Short-term Trend: Ranging
On the 1-hour chart, price of EOS is in a ranging market. The asset was ranging at a price of $12 and later it had a bullish breakout which resulted to the asset reaching the high of $14 but fell to the low of $13.
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