EURUSD taking retrace to setup a move towards 1.4200 level

EURUSD is moving in a nice upward trend and after touching top of its current channel around 1.4250 level, it seems to be taking some retrace. The retracement seems to extend towards 1.4000 level. The 1.4000 level seems a very good buying entry especially for long term trader. The first target for traders will be around 1.4200 level and in case EURUSD managed to get enough momentum to break 1.4200 level, the next target will be around 1.4300 level.

On the lower side, break below 1.4000 level open up 1.3900 level as next target which also is a strong weekly support and in case EURUSD manages to break below 1.3900 level, the reversal of trend will be indicated.

At the moment the traders will look to focus more on 1.4000 level, as the 22 Moving Average line is also approaching that level and some good buying indications are there. The RSI value is below 60 and will open up further as EURUSD will complete its retracement towards 1.4000 level. The RSI will support the upward movement of EURUSD from 1.4000 level. Also considering the retracement of 1.3750 to 1.4250 leg, 1.4000 level is also very important level.

Summarizing the situation, buying EURUSD at 1.4000 for 1.4200 level is the currently indicated trade levels.

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