EUR/USD seems to have got into a medium term sideways range between 1.3900 and 1.3600 level and this seems to give the medium term, short term and Intra-day traders some very good trading opportunities with some decent profit targets. Although the long term trend still is there so the long term traders and other traders will be looking to mostly sell EUR/USD so that whenever the EUR/USD resumes long term downwards trend, it can provider them some extended profits especially a trailing stop is utilized in that case.
On the upper side 1.3890 is the initial level traders will look to sell and if the market breaks above that level then traders will look to reverse the entries in long terms and EUR/USD will turn to long term upward trend. On the lower side, the initial profit levels can be seen around 1.3575 level and most of the traders might utilize stop loss and will hope that EUR/USD breaks below 1.3400 level which seems a very good potential long term target.
The RSI is just above 53 in daily charts and 46 in weekly charts so it is widely expected that EUR/USD is setting up for an extended dip and traders will really look to capture this move.
Winner’s Edge Trading, as seen on: