EURUSD seems to be taking some retrace before resuming its upward trend and the current retracement seems to provide some good entry levels especially for the intra-day traders. The current retracement seems to target 1.4410 level and from here it should resume the upward trend and target 1.4750 level. Break below 1.4410 will set 1.4290 as the next target which is also a very strong weekly level and long term traders will be looking to buy something around that level for initial targets around 1.4750 level.
The moving averages in daily charts are also nicely placed and currently directing the trend in the upward direction and once the market completes the retracement towards 1.4410 level, it will be touching the long term moving average and in case the dip is extended towards 1.4290, the market will be touching the medium term moving average thus suggesting that both 1.4410 and 1.4290 are currently acting as strong support levels at the moment.
The RSI is just above 54 in the daily charts and has eased up after the current retracement. The current RSI level is not suggesting any direction at the moment and will support the move in any direction. Use of reasonable stops is highly recommended.
Latest posts by admin (see all)
- Using Simple Moving Averages to clarify the Forex Market - November 13, 2017
- The Huge Benefits of Being a Scalper - November 6, 2017
- The ADX Methodology for Analysis, the Strengths and Values - November 4, 2017
Winner’s Edge Trading, as seen on: