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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