EUR/USD testing support levels

EUR/USD is looking to test long term support levels and once it is successful in doing so, we might see an extended dip and start of long term downward trend. The intra-day and short term traders might find several opportunities to trade EUR/USD in both directions in current situation as EUR/USD might stay in sideways range for few days. Currently traders will ideally like to get EUR/USD around 1.3215 level to sell it for targets around 1.3065 level. Once EUR/USD manages to break below 1.3065 level, it will net look to target 1.2975 level. On the upper side break above 1.3215 will setup 1.3375 as the next target level and traders will mostly look to sell around that level.

Looking at the moving averages used in daily charts, it can be seen that EUR/USD is currently above the long term moving average and below the short term and medium term moving averages. This shows that until EUR/USD manages to break below the long term moving average, it might look to resume long term upward trend and break below long term level will initiate long term downward trend. RSI is around 47 and seems to support move in both the directions.

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Casey founded Winners Edge Trading in 2009 and is working to create the most current and useful Forex information and training available on the internet.
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