Following the previous idea on EOS it has gone sharply up and broke above the $3.6 resistance level. After breaking above price corrected back and found the support at this level. It has been rejected together with the uptrend trendline and uptrend resumed.
The next potential upside target, which is a strong resistance, is at $$6.2, where two Fibonacci inline. First 1027.2% applied to the corrective wave after the break above the 200 Moving Average, and second is 161.8% applied to the last corrective wave down.
They both point on $6.2, although EOS/USD could get even higher to test $7 psychological resistance area. Next resistance levels are $6.7 and then $7.2, which could be the final upside target for the current wave.
Key support stays at $3.6 and could be used for the longer term analysis or perhaps for a buying opportunity in the coming months. Break below $3.6 could reverse the trend.
The next potential upside target, which is a strong resistance, is at $$6.2, where two Fibonacci inline. First 1027.2% applied to the corrective wave after the break above the 200 Moving Average, and second is 161.8% applied to the last corrective wave down.
They both point on $6.2, although EOS/USD could get even higher to test $7 psychological resistance area. Next resistance levels are $6.7 and then $7.2, which could be the final upside target for the current wave.
Key support stays at $3.6 and could be used for the longer term analysis or perhaps for a buying opportunity in the coming months. Break below $3.6 could reverse the trend.
Trade closed: target reached
Comment:
Reached the final upside target, could correct
Comment:
Looks like it will go higher, perhaps much higher
Comment:
Support at $6.2
Comment:
EOS could continue moving higher as now my target at $7.2 is acting as a support