FxWirePro: EOS/USD downside capped by 7- day MA, good to buy on dips
EOS/USD has declined almost 25% after hitting fresh life time high $23.02. The pair hits low of $17.12 and shown a major jump of almost more than $2 from that level. It has recovered more than 450% from temporary bottom …
EOS/USD has declined almost 25% after hitting fresh life time high $23.02. The pair hits low of $17.12 and shown a major jump of almost more than $2 from that level. It has recovered more than 450% from temporary bottom of $3.8700 and is currently trading around $18.86.
The pair has taken support near 7- day MA and is trading well above short term (20&50 day) and long term MA (100&200) and has closed well above that level.
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 $17.12 (7- day MA) and any break below will drag the pair till $14.73 (10- day MA)/$13.42 (50% fibo)/$7.88. Major weakness only below $3.87.
It is good to buy on dips around $17 with SL around $14.70 for the TP of $23/$26.
