FxWirePro: EOS/USD downside capped by 38.2% fibo, good to buy on dips
EOS/USD has declined almost more than 30% after hitting fresh life time high $23.02. The pair hits low of $15.91 and shown a recovery of 13% from that level. It has recovered more than 450% from temporary bottom of $3.87…
EOS/USD has declined almost more than 30% after hitting fresh life time high $23.02. The pair hits low of $15.91 and shown a recovery of 13% from that level. It has recovered more than 450% from temporary bottom of $3.8700 and is currently trading around $17.97.
The pair has taken support near 38.2% fibo and is trading well above short term (20&50 day) and long term MA (100&200).
The near term resistance is around $20 and any break above will take the pair to next level $26.6 (161.8% fibo)/30.
The major support is around $15.69 (38.2% fibo $3.87 and $23.02) and any break below will drag the pair till $14.21 (daily Kijun-Sen)/$12.16 (20- day MA)/$10. Major weakness only below $3.87.
It is good to buy on dips around $16 with SL around $14.20 for the TP of $23/$26.
