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EUR Trading Outlook (15-10-2015)

Medium Term Strategy: Forex Pair of the day

EUR/USD – further advance
The pair remains within a bullish channel in place since March and has broken above a declining trend line. In addition, the 50-period moving average remains in support as the daily RSI is well directed. Then, as long as 1.1050 holds as a support (horizontal support and lower boundary of the bullish channel), 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 1.1050 would turn the outlook to bearish with a first alternative target set at 1.0810 (horizontal support) and 1.0450 (March low) in extension.
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