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EUR Trading Outlook (03-12-2015)

Medium Term Strategy: Forex Pair of the day

EUR/USD – under pressure
The pair has broken below the lower boundary of a bullish channel in place since March and is capped by its moving averages. Then, as long as 1.11 holds as a resistance (strong horizontal resistance), further weakness is likely with 1.0450 as a first target (March low) and 1.0190 (previous overlap) in extension. A third target is set at 0.9850 (horizontal support). Only a rebound above the resistance at 1.11 would turn the outlook to bullish with a first alternative target set at 1.1495 (October top) and a second one set at 1.1730 (August top).
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