After a failed pullback attempt on August 9, EOS is likely to stretch its downward move to the next support zone of $3.8723 — $4.3396.
We like that the EOS/USD pair is still quoting well above its year-to-date lows. The oversold levels on the RSI point to a probable rebound from the zone between $3.8723 and $4.3396. We shall wait for a strong bounce to materialize before recommending any buys on the pair.
Our bullish view will be invalidated if the bears break and sustain below $3.8723.