EUR/USD Mid-Session Analysis for October 1, 2012
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Early in the trading session, the EUR/USD broke through a recent swing bottom at 1.2828, turning the main trend to down. There was no follow-through to the downside, however, as the market reversed course to the upside after testing a major 50% price level.
From late August to Mid-September, the Euro rallied against the U.S. Dollar from 1.2465 to 1.3172. This range created a retracement zone at 1.2818 to 1.2735. The upper level of this range became support today, triggering the intraday reversal.
Daily EUR/USD Chart
Although the main trend is down on the daily chart, the strong rally and close has the market in a position to turn the trend to up once again on a rally through the new swing top at 1.2959.
Traders shouldn’t expect too much of a rally initially however, since downtrending Gann angle resistance drops in at 1.2972 and another retracement zone at 1.2987 to 1.3031. Until these resistance areas are overcome, look for a choppy, two-sided trade.
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James A. Hyerczyk has worked as a fundamental and technical financial market analyst since 1982. His technical work features the pattern, price and time analysis techniques of W.D. Gann.
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