EUR/USD Back In Trend

EUR/USD seems to be get back into the downward trend and is testing out 1.4260 level and once EUR/USD manages to break below 1.4260 level, then next level to be targeted will be 1.4150 level and break of that will set targets below 1.3900 level.

Currently aggressive traders will look to sell around 1.4340 level and conservative traders will look to sell EUR/USD something around 1.4430 level for a long term trade. If we look at the different moving averages, we can see that they are all above the current market level but are pointing sideways. The moving averages are showing the sideways nature of the market and unless the market breaks clearly in any direction, it will keep moving just above and below the moving averages. The intra-day traders will be getting some good trade levels from both side as the market is keeping in range at the moment but the range is getting smaller and smaller thus indicating that the extended move is about to take place.

The RSI is also around 46 in daily charts and are also suggesting the sideways nature of the market and will support move in both directions and will not play any part in determining the direction of the market.

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