EOSUSD Rally at Risk into Resistance

20 November 2020 | Updated: 20 November 2020
Price Analysis – November 20

When the bulls break up the resistance level of $2.7, the price may increase towards the resistance level of $2.9 and may extend to $3.3. In case the resistance level of $2.7 holds, consolidation may continue or the price may reverse towards the support levels of $2.4, $2.2, and $1.7.

Key Levels:

Resistance levels: $2.7, $2.9, $3.3
Support levels: $2.4, $2.2, $1.7

EOS/USD Long-term Trend: Bullish

EOSUSD is bullish in the long term outlook. The bulls eventually prevail over the bears during the consolidation that happened last week. The bulls gather more pressure and push up the price to test the resistance level of $2.7. The resistance holds the price and the price pulls back to retest the broken dynamic level of 9 and 21 EMAs. The Doji daily candle formed yesterday is an indecision candle in which the price may go up or down. Today, it seems the bulls will dominate the market as the daily candle emerge is bullish.

EOSUSD, Daily chart, November 20

The fast-moving EMA (9 periods) has crossed the slow-moving EMA (21 periods) upside and the price is trading above the two EMAs; which connote that the bulls are in control of the market. When the bulls break up the resistance level of $2.7, the price may increase towards the resistance level of $2.9 and may extend to $3.3. In case the resistance level of $2.7 holds, consolidation may continue or the price may reverse towards the support levels of $2.4, $2.2, and $1.7.

EOS/USD Price Medium-term Trend: Bullish

The bulls maintain their position in the 4- hour chart. When the market closed last two weeks, EOSUSD was consolidating at the middle of $2.7 and $2.4 price level. Last week, the bulls dominate the market by increasing their momentum, and the price increases accordingly. The resistance level of $2.7 is tested, pulls back. It is currently retesting the $2.7 level.

EOSUSD 4-hour chart, November 20

The coin is trading above the 9 periods EMA and the 21 periods EMA and the relative strength index period 14 is above 50 levels displaying bullish direction.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.