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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.


The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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