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EOS/USDTPERP Potential Downward Movement

EOS/USDTPERP Long-Term Trend: Bearish

Key Resistance Levels: 3.884, 4.430, 4.440

Key Support Levels: 3.479, 3.148, 3.130

Daily Chart:

The price on the higher time frame failed to break a strong resistance area around the 3.884 USDT mark, which led to a reversal and a formation of a bar with a long wick to the upside. Further movement to the downside is expected after this move.

EOS/USDTPERP Medium-Term Trend: Bearish

4-Hour Chart:

On the lower time frame, the price managed to break the bullish channel to the downside. Now it is forming an inverse head and shoulders which lead to a potential reversal to the downside. A higher correction could be seen to the highlighted zone before a new selloff.

Signal Idea:

Sell Limit Order @ 3.733

TP 1 @ 3.483

TP 2 @ 3.148

Stop Loss @ 3.827

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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