- Price action has been narrowing for EOS/USD, however a breakout is very near.
- EOS bulls are gearing up for a retest of 13th June highs at $11.64, should resistance heading into $11.00 be broken, all can only happen once pennant pattern is breached to the upside.
The EOS price was seen trading broadly flat in the latter stages of trading on Thursday, however price action has formed a pennant pattern. EOS/USD trading has been narrowing within the pennant, which from judging by its behaviour, will be subject to an extended potential push higher.
EOS/USD has struggled to maintain any ground since dropping from the highs printed on 13th June, when the price managed to be at heights of $11.64, before pushing back south. A supply zone tracking from $10.80-11.00 has kept any upside movement limited.
Technically, EOS/USD price action has been tightening up drastically, currently trading within the narrowing pennant ranging at the low of $10.30-10.70. Should the latter be broken, the bulls would need to make a push from resistance heading into $11.00, then EOS/USD can then make a retest at the 13th June highs and beyond.
EOS/USD 60-minute chart