EUR/USD Mid-Session Technical Analysis for February 11, 2016

The EUR/USD is trading higher at the mid-session, having reached its highest high since October 20.

The main trend is up according to the daily swing chart. Its main range is 1.1494 to 1.0539. Its retracement zone at 1.1129 to 1.1017 is new support.

Based on the current price at 1.1321, the direction of the market into the close will likely be determined by trader reaction to the long-term downtrending angle at 1.1287.

A sustained move over 1.1287 will indicate the presence of buyers. The next target is another downtrending angle at 1.1390. This is the last potential resistance angle before the 1.1494 main top.

A sustained move under 1.1287 will signal the presence of sellers. This is a potential trigger point for an acceleration to the downside with the next major targets coming in at 1.1129 and 1.0777.

Watch the price action and read the order flow at 1.1287 the rest of the session. Trader reaction to this angle will tell us if the bulls or the bears are in control today.