EURUSD seems to have just sneaked into an upward trend and seems to break into a clear upward trend that will really setup the momentum. The traders will be looking to buy EUR/USD on dip around 1.4370 level and will initially be looking to target 1.4585 level and once EUR/USD manages to break above that level, the next level it will be targeting will be around 1.4700 level and break of that will take EUR/USD towards 1.4875 level. In the long term scenario, break of 1.4700 level will be important as this will confirm the long term upward trend and remove most of the chances for EUR/USD to get back in downward scenario.
On the lower side 1.4300 level holds the key of the downwards trend and once EUR/USD manages to break below that level, the traders will be looking to sell EUR/USD for the dips towards 1.4050 level. The moving averages being used are all lying around 1.4300 level and as long as the market stays above that level, the upward trend will remain there and breaking below that will reverse the trend. Short term traders might find this situation useful and keep trading for small targets with entries from both side with use of decent stops.
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