EUR/USD looking to break upwards

EUR/USD is looking to break into an upward trend and currently it is looking to test 1.3355 level  and once EUR/USD manages to break above that level, it will look to test 1.3490 level. Mostly traders will be looking to buy EUR/USD on retracement dips to 1.3190 level and in case the retracement dip is extended then it will look to touch 1.3090 level.  The traders will look to buy on dips to these level and will look to target 1.3355 level.

Looking at the moving averages used in the daily charts, it can be seen that all three moving averages are below the current market level which indicates the upward trend of EUR/USD in all time frames. The entry levels can be recommended on dip around 1.3200 level where short term and medium term moving averages seems to cut each other at the moment and in case the dip is extended below that 1.3200 level, then the next entry level can be recommended around a.3125 level. Looking at the RSI used in daily charts, it can be seen that it is just above the 52 level and have more than enough space for EUR/USD to make an extended move towards 1.3500 level.

 

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