EURUSD is moving in a nice downward trend and is looking to break below an important 1.4000 level. Once EURUSD manages to break below 1.4000 level, we will be looking at a strong weekly level around 1.3870 and once EURUSD manages to break below that level, the next target will be somewhere below 1.3600 level.
All the moving averages are facing downwards and so is EURUSD below all the moving averages. This scenario clearly suggests the downwards trend nature and therefore traders will be mostly looking to sell EURUSD on rise to retracement levels. Once such retracement level can be seen around 1.4115 level and it also seems a very decent 50% retracement. Selling around 1.4115 for initial target around 1.4000 level.
The RSI is around 35 in daily charts which is a bit on the lower side but it seems to have some enough space to move below 1.4000 level but before testing the 1.3870 level, it sure will require some retrace to open up some space and that will be the points what traders will be looking for to enter the market to capture the selling trend and once EURUSD manages to break below 1.3870 level, then we can see traders extended their profit targets.
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