EUR/USD looking to take further retracement

EUR/USD can be still seemed in the long term upward trend and seems to take retrace towards 1.3200 level and thus long term traders will be looking to buy EUR/USD around 1.3190 level for initial targets around 1.3355 level which can be further extended towards 1.3490 level. In case the EUR/USD extends its retracement below 1.3200 level it will look to take a dip below 1.3100 level and that traders will be looking to trade again around that level for averaging of both the positions.

Looking at the moving average used in the daily charts it can be seen that EUR/USD has managed to sneak below the short term moving average and is above the medium term and long term moving average. The traders might look to target entry around 1.3200 level where medium term and long term moving averages seems to cross each other. Looking at the RSI used in the daily charts which seems just below the 54 level and have more than enough space for an extended move in long term upward trend but at the same time have enough space to take dip and head in downward trend but that is less likely unless EUR/USD manages to break below 1.3100 level.


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