EUR/USD getting ready for an extended move

 

EUR/USD is looking to set itself up for an extended upward move and traders will look to buy EUR/USD on dips to some reasonable support levels. A good support level can be seen around 1.3165 level and mostly traders will be aiming to buy EUR/USD around that level. The initial profit target will be around 1.3345 level and once EUR/USD manages to break above the 1.3345 level, the next level trader will look to aim will be something around 1.3440 level and use of trailing stop will really come into play.

Looking at the moving averages used in the daily charts, it can be seen that the EUR/USD has managed to take a dip below the short term moving average but that seems to indicate EUR/USD setting itself for an extended upward move and the long term traders will look to buy EUR/USD around 1.3065 level where medium term moving average and long term moving averages seems to cross each other and initial targets will be above short term moving average around 1.3250 level. The RSI in daily charts has eased after EUR/USD has taken a dip towards 1.3200 level and seems all set for an extended upward move.

 

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