EOS/USD Medium-term Trend: Ranging
Resistance:$14.5, $15.0, $15.5
Support:$13.5, $13, $12.5
Yesterday, June 5, price of EOS was in a sideways trend. The asset was notorious for a range bound movement. Traders were advised to adopt a range bound market strategy or breakout trading with the use of pending orders. Today price of EOS is currently trading at $13.95 as at the time of writing. However, from the chart, the asset is in a sideways trend.
The price increase was insignificant as the asset is range bound. Price of EOS is ranging between the levels of $15 and $12. Nevertheless, in a ranging market price of the asset can be traded. When price test the resistance level, a short trade can be initiated and you exit your trade at the support zone. Then put your stop loss above the resistance level. Similarly, when price gets to the support level, you place a long trade and you exit your trade at the resistance zone. Again, you put your stop loss below the support level. The stop loss will manage your account when there is a sudden price breakout.
EOS/USD Short-term Trend: Ranging
On the 1-hour chart, price of EOS is in a sideways trend. On the chart, price of the asset is consolidating at the price of $13.95. This consolidation may result in price breakout.
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