EOS/USD finds support at SMA 50, stays above $4 psychological level

• The bulls had earlier failed to break past resistance at SMA 20 this Wednesday.
• The Elliott Oscillator has dropped into the negative zone.

EOS/USD daily chart

EOS/USD bulls managed to retain control of the market, having found some much-needed support at the SMA 50 curve. The asset has risen slightly from $4 to $4.09 in the early hours of Friday. Earlier this Wednesday, the market plummetted from $4.60 to $3.98 after having found resistance at the SMA 20 curve. The MACD indicates increasing bearish momentum, while the Elliott Oscillator has dropped from 1.01 to -0.09 over the last seven days. The RSI indicator has steadied itself near the 44.20 level following this Thursday’s and Friday’s bullish action.