EOSUSD; Inverted Head and Shoulders bottom
A breakout above the neckline of an inverted head and shoulders pattern (S,H,S) saw bulls driving the market up to almost the projected (calculated) target of this pattern at 15.85.
Although listed as resistance, it is only the minimum move this market is expected to make after confirming the pattern. It seems like the 50% Fibonacci level at 16.65 carries some more weight.
All in all, this market has broken the recent lower high/lower low pattern so one has to go with a higher low now; Look for dips ward the 13.00 level to see the better defending by bulls and it is expected that an effort will be seen to place a higher low there. 16.65 and 18.15 are likely targets after that.
For now maybe wise to await such a dip and go with it on signs for a higher low.
Although listed as resistance, it is only the minimum move this market is expected to make after confirming the pattern. It seems like the 50% Fibonacci level at 16.65 carries some more weight.
All in all, this market has broken the recent lower high/lower low pattern so one has to go with a higher low now; Look for dips ward the 13.00 level to see the better defending by bulls and it is expected that an effort will be seen to place a higher low there. 16.65 and 18.15 are likely targets after that.
For now maybe wise to await such a dip and go with it on signs for a higher low.
Aviso legal
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