EUR/USD back in trend

EUR/USD has managed to break back into a downward trend and 1.3450 level seems to be proving a very good entry level for not only intra-day traders but also for long term traders. Traders who did not managed to sell EUR/USD earlier will hope to get EUR/USD around 1.3450 level once it looks to take some retracement. The initial profit targets can be seen around 1.3260 level which can be further extended towards 1.3155 level.

 

Looking at the moving averages used in weekly charts, EUR/USD is below all three moving averages and the medium term moving average just has crossed the long term moving average in the downward direction, indicating start of long term downward trend and also the short term moving average is just around 1.3450 level which seems to be indicating the entry level for an extended downward trend. Looking at the moving averages used in daily charts, again EUR/USD is below all the three moving averages and the short term moving average crossed the medium term moving average around 1.3400 level which basically indicates the entry level for EUR/USD. The RSI is just above 40 level and seems to have more than enough space for EUR/USD to take a dip below 1.3200 level.

 

 

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