The 20-day EMA continues to act as a stiff resistance for EOS. However, it has not given up much ground in the past two days, which is a positive sign. We also like the way the bulls defended the critical support of $3.8723. This shows demand at lower levels.
If the bulls break out of the 20-day EMA, a rally to the 50-day SMA, followed by a move to $9 is probable. Therefore, we propose a long position at $6, with the initial stop loss at $4.8. The traders can raise the stops to break even if the EOS/USD pair struggles to break out of the 50-day SMA.
On the downside, if the bears break below $4.8121, a decline to $4.4036 is possible.