EURUSD is looking to continue the current upward momentum which currently is moving in a classical upward move that takes some reasonable retracement after couple of days and provide very good entry points for trades of all time-frames.
Keeping the current momentum in mind, it can be seen that EURUSD is currently heading towards its target at 1.4435 level and once EURUSD managed to break that level, the next target resistance level can be seen around 1.4570 level.
The only thing that seems to slow down or prevent EURUSD from breaking the 1.4435 level is the current high value of RSI which is above 71 at the moment and this high value of RSI will slow down EURUSD and this might cause EURUSD to take a dip from 1.4435 and then gather some space to break above that level.
In case EURUSD takes a dip, 1.4335 seems a very good entry level. If EURUSD extends its downward move, then it might look to touch 1.4250 level which also is the base of upward trend. In both cases, the traders will get some very good entry points.
All the three moving averages that we are using in analysis are clearly indicating the upward trend so it is only matter of entry at a decent level where EURUSD has completed its retracement and gathered some momentum to resume its upward trend.
Latest posts by admin (see all)
- AUDUSD approaching major resistance, prepare to sell - May 18, 2017
- How To Trade The Fractal Indicator - April 3, 2017
- How to Use Candlestick Patterns to Start Winning More Trades - March 19, 2017
Winner’s Edge Trading, as seen on: