EURUSD Looking To Setup Itself For Another Upward Move

EURUSD seems to be taking a breather and looking to gather some space and momentum to make another upward move and break above 1.4600 level towards 1.4700 level. Before doing so it seems that it will take a short dip to complete some retracement which will allow EURUSD enough space to break above 1.4600 level. The retracement should be targeted towards 1.4450 which will be a very good support level and seems a very good entry point for traders trading on all time frames.

All the moving averages are pointing upward trend and in case EURUSD takes dip towards 1.4450 level, it will be touching the short term moving average and is also expected to bounce back after touching that level.

On the upper side 1.4585 resistance level is holding the EURUSD down and once EURUSD manages to break above that level, the next resistance level to test can be seen around 1.4665 level. The RSI at 65 and seems to have some space to allow EURUSD to break above 1.4585 level and make a move towards 1.4665 level without taking much retrace. Ideally traders might stay out for the holidays and start fresh on Tuesday depending on the trend as currently the market volume will be on the lower side.

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  • Iman

    Important Hints:
    I hope you are having a great week so far, but I would like to draw your attention to the following:
    we all know that in life we can get really busy and sometimes too busy to think about our relationships and our Health
    In forex business it is so essential to take time to focus on these 2
    Important things between real life and Business(Forex).
    If we want to improve in our trading and not let this business put our life into
    Perspective and challenges, should find a good combination of the people around
    us and Health and also our Business.
    I think we have to put these two things in our top of our
    life list. They are too important and powerful tools for trading that most of the time will be ignored. I am sure you have this experience,
    When we have a great relation with parents or girlfriend, Boyfriend, wife, Husband we have better trading
    Best Wishes