EURUSD seems to be taking retracement after taking a good dip towards 1.4120 level. The current retracement is expected to target 1.4500 level before taking another dip. Currently the short term traders will be focusing on selling of EURUSD after it completes it retracement but the scenario is very much different in long term trend. In long term trend, the market is more or less trapped in a range from where it can break to either side. On the lower side 1.4120 level is very important as break of this will confirm the selling trend in long term as well but as we have seen that EURUSD was unable to break below that level once. On the upper side, 1.4580 level holds the key for the long term indication and break above that level will also convert the short term selling trend into buying.
The other factor that is indicating the sideways nature of the EURUSD is the moving averages, as currently it can be seen that EURUSD is trapped between the long term and medium term lines and only break above or below them will confirm the long term trend.
Currently the short term traders will look to sell EURUSD around 1.4425 level for targets below 1.4200 level. RSI is currently just above 43 and it seems to be easing up after the market is taking some retrace. We might see EURUSD taking another dip today before the closing of this week.
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