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EUR Trading Outlook (27-10-2015)

Medium Term Strategy: Forex Pair of the day
EUR/USD – turning down
The pair has broken below the lower boundary of a bullish channel in place since March and should face further weakness as the it stands below the moving averages. Moreover, the daily RSI is badly directed. Then, as long as 1.1495 holds as a resistance (october top), further weakness is likely with 1.0810 as a first target (horizontal support) and 1.0450 in extension (March low). A third target is set at 1.0190 (previous overlap). Only a rebound above 1.1495 would turn the outlook to bullish with a first alternative target set at 1.1730 (horizontal resistance) and a second one set at 1.2050 (overlap, July 2012 bottom).
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