EOS USD daily chart.

EOS USD daily chart.

Gate Trade EOS Tuesday, March 31, 2020 397 0

EOS/USD

EOS has been trading inside a tight range of $2.0632-$2.4001 since March 21. This shows that both the bulls and the bears are playing it safe and are not taking any large bets. The 20-day EMA continues to slope down and the RSI is in the negative zone, which suggests that bears have the upper hand.

 

However, the bears have not been able to sink the EOS/USD pair below $2.0632, which shows a lack of sellers at lower levels.

 

If the bulls can propel the pair above the overhead resistance at $2.4001, a rally to the 50-day SMA at $3.32 and above it to $3.86 is possible. As the risk to reward ratio is attractive, we have retained the buy suggested in our earlier analysis.