Traders who follow us are likely long on EOS at $7.5. We had suggested to book profits on partial positions at $9.5, but the digital currency did not reach those levels. Currently, a retest of the breakout levels of $7.28 is on the cards.
The moving averages have completed a bullish crossover, which is a positive development. The 20-day EMA is just below the critical horizontal support of $7.28.
We anticipate a strong bounce from these levels, which should again propel the EOS/USD pair towards its target objective of $11.
If the 20-day EMA and the 50-day SMA supports break down, we might close the positions without waiting for the stops to be hit. Meanwhile, traders should continue to hold with the stop loss at $5.5.