EUR/USD Mid-Session Technical Analysis for July 25, 2016

The EUR/USD is trading higher at the mid-session. Earlier in the session, the Forex pair broke to 1.0951, but buyers came in to reverse the market back to the plus side for the day. The buyers appear to be defending the post-Brexit bottom at 1.0910.

The main trend is down according to the daily swing chart. Today’s price action has put the EUR/USD in a position to post a potentially bullish closing price reversal bottom.

Based on the current price at 1.0992, the nearest support is an uptrending angle at 1.0963. This is followed by today’s intraday low at 1.0951 and the June 24 main bottom at 1.0910.

On the upside, the first target is a long-term downtrending angle at 1.1006. This is followed by a resistance cluster at 1.1015. This price is also the trigger point for an acceleration to the upside with the next targets 50% levels at 1.1048 and 1.1068.

The EUR/USD is in the process of forming a potentially bullish closing price reversal bottom. This will form on a close over 1.0975. Traders should watch the price action and read the order flow at this price all session.

If the buying is strong enough then look for an acceleration over 1.1015. Another failure at 1.0963 will indicate the selling is getting stronger.