EUR/USD taking retrace

EUR/USD taking retracement, as expected, after a nice downward trend. The long term traders will be focusing on the retracement levels to sell EUR/USD back in downward trend. The first such good weekly level to sell EUR/USD can be seen around 1.3960 level and traders will be focusing to target profits around 1.3780 which can be extended towards 1.3500 level. On the upper side break above 1.3960 level will set 1.4140 as next level to sell EUR/USD. Break above 1.4140 level will certainly indicate the reversal of trend and in case market move above that level, the traders will start reversing their entries. Looking at the weekly moving average, currently EUR/USD is testing long term moving average and break above that seems to open up opportunities towards 1.4150 level to touch the medium term moving average. Looking at the moving averages in the daily charts, the market has broken above the short term moving average and is looking to target medium term and long term moving averages which are both crossing each other around 1.4150 level and once touch the medium term and long term moving average, EUR/USD will look to head back into the downward trend. The RSI has also opened up after taking a good and is really looking to setup for an extended downward move.

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