EUR/USD looking for an another upward move

EUR/USD seems to be moving in a nice upward trend and currently seems to be all set for another upward move. Traders will be therefore look to buy EUR/USD on dip to retracement level and one such good retracement level can be seen around 1.3080 level and both Medium term and Long term traders will be looking to buy around that level for a nice upward move towards 1.3345 level which happens to be a good long term resistance as well. Break above 1.3345 will set 1.3440 as next target level but keeping in mind the over-bought nature of EUR/USD it is most likely that it will take a dip from 1.3345 level. On the lower side, an extended dip towards 1.3000 is quite possible which is a good long term support as well as a psychologically important level.

Looking at the moving averages in daily charts, EUR/USD is comfortably above all the three of them and around 1.3080 level is the long term moving average so that is a good level to target entry point for the traders. RSI is just around 62 in daily charts and after a rise, will look to push EUR/USD down so an extended upward move is not expected.


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