EUR/USD in need for a dip

EUR/USD managed to have an extended rise yesterday and it seems that it needs a dip to gather some space and momentum to break above 1.4225 level and challenge 1.4350 level next. The traders will look for EUR/USD to take a dip below 1.4050 level and buy something in between 1.4050 and 1.4000 levels. Traders from all frames will be equally interested in buying EUR/USD on dip and the long term trader might target as low as 1.3925 level to enter EUR/USD for an extended upward move.

Looking at the moving averages used in weekly charts, it can be seen that the EUR/USD has managed to sneak above all the moving averages and it seems that EUR/USD is not all set for an extended upward moves in next couple of weeks. Looking at the moving averages in the daily charts, the market has cleared all moving averages comfortably and in case of dip it will touch short term moving average around 1.4050 and long term moving average around 1.3925 level and thus these two levels are clearly pointing out the two potential entry points. RSI is a bit on higher side being around 66 in daily charts but once EUR/USD takes some retrace, it will open for a nice move upwards.

 

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