EOSUSD Trade|Dynamic Resistance|Range Midpoint|Demand Zone
Evening Traders,
Today’s Analysis – EOSUSD- breaking through dynamic resistance – immediate target, a retest of the demand zone.
Points to consider,
- Local trend change (technical higher high)
- Dynamic resistance breached
- Range midpoint (local resistance)
- Oscillators cooling off
- Volume below average
- Demand zone retest (long entry)
EOSUSD’s local trend has technically changed with an established higher high; a lower high at the Fibonacci level will further solidify a bullish directional bias.
The Dynamic resistance breach topped at range midpoint, a retracement to the .50 Fibonacci is probable as this is in confluence with the identified demand zone.
The oscillators are both cooling off from overextended conditions, maintaining above the 50 level will maintain a local bullish bias.
Volume is trading below average; price is likely to magnet towards demand zone before an influx.
Overall, in my opinion, a long from the .50 Fibonacci is valid with defined risk. Putting in a lower high will be bullish with the immediate target becoming daily resistance.
What are your thoughts?
Thank you for following my work!
And remember,
“Trade the market in front of you, not the one you want!” – Scott Redler
Today’s Analysis – EOSUSD- breaking through dynamic resistance – immediate target, a retest of the demand zone.
Points to consider,
- Local trend change (technical higher high)
- Dynamic resistance breached
- Range midpoint (local resistance)
- Oscillators cooling off
- Volume below average
- Demand zone retest (long entry)
EOSUSD’s local trend has technically changed with an established higher high; a lower high at the Fibonacci level will further solidify a bullish directional bias.
The Dynamic resistance breach topped at range midpoint, a retracement to the .50 Fibonacci is probable as this is in confluence with the identified demand zone.
The oscillators are both cooling off from overextended conditions, maintaining above the 50 level will maintain a local bullish bias.
Volume is trading below average; price is likely to magnet towards demand zone before an influx.
Overall, in my opinion, a long from the .50 Fibonacci is valid with defined risk. Putting in a lower high will be bullish with the immediate target becoming daily resistance.
What are your thoughts?
Thank you for following my work!
And remember,
“Trade the market in front of you, not the one you want!” – Scott Redler