EOSUSD Long-term Trend: Ranging
Supply Zone: $14, $16, $18
Demand Zone: $10. $8, $6
EOSUSD pair is now in a ranging market. The ranging market commenced after the downward trend of the asset. From the weekly chart, price of EOS fell from the high of $20.39 to the low of $12.26 and commenced a range bound movement. The asset has been ranged bound at the price of $ 12.36 since on May 16, 2018. Although, price had been fluctuating below and above the price of $12.26. However, when an asset is in a range bound movement, the chances of a possible breakout is imminent.
Traders can engage in breakout trading by introducing pending orders. You can place a buy stop at the resistance level of the ranging market for a bullish breakout. Then place a sell stop at the support level for a bearish breakout. Meanwhile, the relative strength index period 14 is level 53 indicates that price of the asset is in the range bound zone.
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