EUR Trading Outlook (30-07-2015)

Medium Term Strategy: Forex Pair of the day

EUR/SEK – further advance
The pair has rebounded and has broken above a strong horizontal resistance at 9.4150. Further advance is expected as the daily RSI remains well directed. A first target to the upside is set at the horizontal resistance at 9.58. A break above this level would open the way to further bounce towards December 2014 top at 9.72 and towards 9.80 in extension. Only a break below the strong horizontal support at 9.16 would open the way to a trend reversal with October 2014 and March 2015 bottom at 9.06 as a first alternative target and with the overlap at 8.96 in extension.
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