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USD Trading Outlook (04-06-2014)

Forex pair of the day

EUR/NOK – rebound expected

The pair is pulling back on its strong support ahead of a rebound as the daily RSI is reversing up above its oversold area. Therefore, as long as 8 holds as a support (previous overlap and Fibonacci retracement of the previous up move), a rebound is likely with 8.3140 as a first target (horizontal resistance), and 8.54 in extension (horizontal resistance and previous top of December 2013 and February 2014). A third target is set at 8.72 (horizontal resistance). Only a break below 8 will turn the outlook to bearish. In this case, a first alternative target is set at 7.76 (strong horizontal support) and a second one is set at 7.65.
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