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EOS Descending Broadening Wedge Formation |Bull Flag|Low Volume

Hello Traders!

Today’s chart update will be on EOSUSD which has a bull flag forming above the 200 MA average after breaking bullish from a descending broadening wedge formation.

Points to consider,
- Trend broke bullish
- 200 MA serving as support
- Local resistance from Fibonacci Extensions
- RSI respecting support
- Stochastics projected downwards
- Volume clearly declining

EOSUSD trend has broken bullish with a confirmation of an influx in volume from its descending broadening wedge. The technical target is associated with the first price touch in the formations upper resistance line.

The 200 MA is currently serving as support; EOS is consolidating and forming a bull flag which is a continuation pattern in this instance.

Local resistance is provided by the Fibonacci Extensions, EOS technical target aligns with the 1.277 Fibonacci Extension – a level prone to profit taking.

The RSI has bounced of support, currently holding in the upper regions as price consolidates. Stochastics is currently projected downwards, can stay trading in current region for an extended period of time as price develops.

Volume in clearly declining, an influx of volume will come to fruition in either direction, EOS needs bull volume for follow through from current probable bull flag formation.

Overall, in my opinion, a break will come to fruition, key levels have been broken which has changed the trend of EOS. Consolidation above the 200 MA is very bullish; especially with a bull flag forming, which will be confirmed with volume.

What are your thoughts?

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And remember,

“There are no guarantees in trading. The sooner you accept that you sooner you can release your expectations and focus unconditionally on a proven process.”
― Yvan Byeajee,