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EUR Trading Outlook (21-09-2015)

Medium Term Strategy: Forex Pair of the day
EUR/USD – supported by a rising trend line
The pair is trading in the middle of a bullish channel in place since March and is now supported by a rising trend line in place since early August and currently around 1.124. In addition, the daily RSI has completed a pullback towards a former declining trend line in place since May. Then, as long as 1.0810 holds as a strong support, further advance is likely with 1.1730 as a first target (horizontal resistance) and 1.2050 in extension (overlap, July 2012 bottom). Only a break below 1.081 would turn the outlook to bearish with a first alternative target set at 1.0450 (March low) and 1.02 (horizontal support and overlap).
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