EUR/USD broken upwards

EUR/USD seems to have managed to break the sideways range and sneaked into upward trend. The long term as well as medium term traders will now be looking to buy EUR/USD on dips to some reasonable levels. A good buying level in current situation can be seen around 1.3870 level and the initial profit targets will be around 1.4050 level which can be further extended towards 1.4225 level. The traders will be mostly focusing on the 1.4050 target as it is also a good weekly resistance and break of that will mean and extended upward move by EUR/USD.

Looking at the moving averages in weekly charts, the EUR/USD seems to be sneaking above the long term moving average and will look to head towards the medium term moving average around 1.4050 level. Once EUR/USD touches that level, it might take a dip before breaking above that level. Looking at the moving averages in daily charts, the EUR/USD seems to have broken above all moving averages and it seems that 1.4050 level is the next target it is heading towards. The RSI is just below 60 level in daily charts and thus seems to have more than enough space to allow EUR/USD to make an extended move above 1.4050 level without taking too much dip.

 

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