EUR Trading Outlook (24-07-2015)

 

Medium Term Strategy: Forex Pair of the day

EUR/USD – rebound

The pair is rebounding above the strong horizontal support at 1.0810 as the daily RSI lacks downward momentum. Then, as long as 1.0810 holds as a support, further advance is likely with 1.1215 as a first target (July 10th top) and 1.15 in extension (previous top). A third target is set at 1.1730 (horizontal resistance). 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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