EUR/USD oversold

Euro seems to have taken a good dip below 1.2800 level and is currently looking to break 1.2700 level. Since the EUR/USD is getting oversold so it is quite possible that EUR/USD will take some retracement before looking to test 1.2700 level. Traders, especially intra day traders, will be looking to sell EUR/USD on rise to retracement for some decent targets. Once decent trade level can be seen around 1.2810 level and traders will look to set profit targets around 1.2630 level. In case the EUR/USD takes an extended retracement above 1.2810 level, then the next level to complete the retracement can be seen around 1.2975 level.

Looking at the moving averages used in daily charts, it can be seen that EUR/USD has sneaked below all the three moving averages. The traders will primarily look to enter around the short term level which is around 1.2750 level. In case the EUR/USD extends its upward trend, the next level it will look to target will be around 1.3000 where medium term moving average seems to be at the moment.. Looking at the RSI used in the daily charts, it can be seen that RSI is just below 30 and seems to be getting on the lower side and will surely look to take some retrace at the moment

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