EOS: Price Analysis, June 06

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EOS/USD

EOS has held the support at $12.9870, which is a bullish sign. It is currently facing resistance at the 50-day SMA. Both moving averages are turning up, which indicates that the path of least resistance is on the upside.




EOS/USD




Traders can wait for the EOS/USD pair to trade above the 50-day SMA for four hours and then initiate long positions with a target objective of $18.67. The stops can be kept close to $12.5 levels. If the digital currency struggles to break out of $15.545, the long positions should be closed.

Volatility may remain high in the short-term because the virtual currency has just completed a major event. Hence, we suggest keeping the position size at less than 40 percent of usual. This is a high-risk trade.

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