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EUR Trading Outlook (06-10-2015)

Medium Term Strategy: Forex Pair of the day
EUR/USD – within a bullish channel
The pair has broken above a falling wedge upper boundary and remains supported by he 50-days moving average. Moreover, the daily RSI is well directed above its neutrality area. Then, as long as 0.7110 holds as a support, further advance is likely with the previous overlap at 0.76 as a first target. A break above this threshold would call for further bounce towards the strong horizontal resistance at 0.7740 and towards January top at 0.7875 in extension. Only a break below 0.7110 would call for a trend reversal with a first alternative target set at July 17 bottom at 0.6930 and a second one set at 0.6815.
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