EUR/USD Still Caught In Sideways Movement

EUR/USD, unlike GBP/USD, seems to have caught in sideways movement and still is unable to break out of the range between 1.4150 and 1.4450 levels. Currently it seems to be heading back towards 1.4425 level and traders will be looking to sell around that level. Break of 1.4425 level will take EUR/USD towards 1.4550 next but looking at the current pattern, it seems that EUR/USD will take a dip after touching 1.4425 level and traders selling around that level will be hoping for profit levels in around 1.4260 level. On the lower side, 1.4260 holds significant importance at the moment as it is acting as a support at the moment and once EUR/USD breaks below that level, it will be targeting 1.4150 level.

The moving averages are also showing the sideways nature of the market. The market is currently above the short term moving average and is below the long term and medium term moving averages showing that it is enclosed by those two levels. In longer term, traders might still view EUR/USD setting up for downward trend but in short term and intra-day trend, EUR/USD seems to be traded sideways. RSI is also in the middle showing the sideways nature of that indicator as well.

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