EUR/USD taking retrace

EUR/USD is taking some retracement in the long term trend and this retracement is an extended one as expected and is also this retracement is providing both long term and aggressive traders some good entry points. Traders will currently look to sell EUR/USD around 1.3175 level and in case the retracement is extended towards 1.3250 level, the traders long term traders might focus around that level to sell EUR/USD for long term trend. Once EUR/USD breaks above the 1.3250 level, it will indicate the reversal of medium term trend and the next resistance can be seen around 1.3500 level. On the lower side, the traders will look for profit levels below the 1.3000 level.

 

Looking at the moving averages used in the daily charts, it can be seem that EUR/USD has managed to break above the short term and is below the medium term and long term moving average. The medium term moving average is just around 1.3250 level and that will be the first feasible entry level for traders and in case the EUR/USD manages to break above that moving average, it will target long term moving average which is around 1.3500 level. The RSI is around 35 in daily charts and suggest that it will currently push EUR/USD upwards for further retracement.

 

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