EUR/USD all set

EUR/USD seems all set for an extended move in long term upward trend and for both the long term and intra-day traders will be looking to buy EUR/USD on dips to some reasonable levels. The first level that the traders will be looking to enter the market can be seen around 1.3165 level and in case the dip is extended by EUR/USD, the next level traders will be focusing is 1.3065 level. Once the traders get into the market, the initial targets will be around 1.3345 level and in case the market managed to gather momentum, then the traders will look to extend the profits towards 1.3440 level.

Looking at the moving averages used in daily charts, it can be seen that EUR/USD has managed to break above all the three moving averages and seems to be looking to extend the space further by making an upward move. The traders will look to target 1.3165 level for entry where short term and medium term moving averages seems to cut each other and the traders of these two ranges will be interested in that entry level. The long term traders will be looking to target 1.3065 level which is the long term moving average. RSI is just below 60 in daily charts and seems to suggest that it has more than enough space to allow EUR/USD for an extended upward move.

 

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