EUR/USD setting up for an extended upward move

EUR/USD seems to set itself up for a nice upward move towards 1.4580 level and before doing that the first resistance can be seen around 1.4465 level. Mostly traders will be focusing at the moment will be to buy EUR/USD on dips to retracement levels and one such level can be seen around 1.4320 level. Both the long term and intra-day traders will be aiming to buy initially around 1.4320 level and if the EUR/USD extends it retracement below that level, then the next target will be 1.4235 and that will provide good opportunities for averaging out both the entries.

Looking at the different moving averages being used in the daily charts, it can be seen that the medium term and short term moving averages are looking to cross long term moving average and sneak above the long term moving average. Thus the overall scenario is looking good for a start of long term upward move. The lines are looking to cross around 1.4320 level and thus importance of this level is very much highlighted. The RSI in daily charts is just above 53 level and it seems that it is also nicely placed for an extended upward move and will support move towards 1.4580 level.

 

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