EUR/USD targeting 1.3300 level

EUR/USD seems to be targeting 1.3300 level and before doing so EUR/USD will look to take some retrace towards the 1.3550 level and mostly Intra-day traders will be interested in selling EUR/USD around that level for targets around 1.3300 level. In case the retracement is extended by EUR/USD above 1.3550 level, the next level the traders will look to target will be at 1.3715 level and that is the level the long term traders will also be focusing at for their entry.

Looking at the moving averages used in the weekly charts, the EUR/USD is pretty much in a downward trend and in case it looks to take any retrace, the targeted level will be 1.3715 and that again shows the entry focus for long term traders. Looking at the daily moving averages, the market is well below all three moving averages and the short term moving average is currently around 1.3550 level and the medium term moving average is around 1.3715 level which again highlights the importance of these two entry levels. Looking at the RSI used in daily charts, it is currently at 32 which is a bit on the lower side but it is expected to open up once EUR/USD takes some retrace.

 

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