EOS/USD Long-term Trend: Bearish
Supply Zone: $16, $18, $20
Demand Zone: $12. $10, $8
EOS/USD pair is notorious to move in a sideways trend. The EOS/USD pair is the worst depreciated asset among the ones under review. In the month of May, the asset fell from the high of $17.42 to the low of $12.40. The asset depreciated for about 28.81%. Presently, the price of EOS is trading at $14.63 as at the time of writing, However, after the bearish trend, the asset had embarked on a sideways trend. The asset now fluctuates between the resistance level at $15 and the support level at $12. As a trader, we should adopt a range bound market strategy to trade the ranging market.
When the price of the asset gets to the resistance level, we should place a short trade and a stop loss above the resistance level. You can exit your trade as price tests the support zone. Now when the price gets to the support level, we should place a long trade at the support level and a stop loss below the support level. You can exit your trade as price tests the resistance zone .The relative strength index period 14 is level 56 indicates that price of the asset is in the range bound zone.
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