EUR/USD after taking a good extended dip with the trend is now taking some retrace towards 1.3800 level and seems to setup good selling opportunities not only for lntra-day but also for long term traders. The traders will ideally look to sell EUR/USD around 1.3825 level and in case EUR/USD extends its retracement in long term then it will look to rise towards 1.4000 level which will create an ideal scenario for selling EUR/USD for targets around 1.3500 level and that will be really a god selling level for long term traders.
Looking at the moving averages used in weekly charts, it seems that they are all looking to gather around 1.3900 level and that is the level the current retracement will be targeting and then will resume the long term downwards trend. Looking at the moving averages used in daily charts, the EUR/USD is currently below all three moving averages and only once it manages to break above 1.3800 level, it will be able to sneak above the short term moving average and will then look to target medium term moving average around 1.4000 level so basically that’s why these both levels in daily charts are important for selling.
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