EUR/USD looking to extend in downward trend

EUR/USD seems to get back into long term downward trend and currently trader will be aiming to trade with the long term trend and sell EUR/USD on rise to retracement to reasonable levels. The first such reasonable level can be seen around 1.3190 level and once the traders get a chance to enter around that level, they will look to target profit levels around 1.3070 level and if the market find enough momentum to break this level, then it will look to target 1.3000 level and break even below that level. In case the upward retracement is extended above 1.3190 level, the traders wait to see if EUR/USD breaks above 1.3300 level and in case it does, the traders will look to reverse the trades.

Looking at the moving averages used in the daily charts, it can be seen that EUR/USD has slipped below all three of the moving average and long term and medium term moving averages seems to cut at the same level, around 1.3190. Looking at the RSI in daily charts, it can be seen that it is just below the 46 level and seems to play not much part in determining the direction at the moment.

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