EOS has extended its up move. It has broken out of the overhead resistance at $16 and is nearing the lifetime highs of $18.67 reached on January 13 of this year. We currently don’t have any positions open, as we have booked complete profits and closed our trade.
The trend is clearly up. Both moving averages have turned up, and the RSI is in the overbought territory, which shows strong demand for the EOS/USD pair.
Still, we expect the bears to offer a strong resistance again at the lifetime highs of $18.67. We need to wait for consolidation or a retrace to the $16 levels before suggesting any fresh long positions.
On the downside, the support line of the ascending channel should act as a strong support.