EUR/USD Mid-Session Technical Analysis for November 2, 2018

The Euro is trading higher against the U.S. Dollar on Friday just ahead of the release of the U.S. Non-Farm Payrolls report at 1230 GMT. The report is expected to show the economy added 194K jobs in October. The unemployment rate is expected to remain unchanged at 3.7% and Average Hourly Earnings are expected to have risen 0.2%.

At EUR/USD is at 1.1436, up 0.0025 or +0.22%.

The Euro is also being boosted by increased demand for emerging market currencies which is pressuring the U.S. Dollar.

Daily Technical Analysis

The main trend is down according to the daily swing chart, however, the EUR/USD is currently in a position to close higher for the week.

A trade through 1.1301 will change the main trend to down. A move through 1.1555 will change the main trend to up.

The short-term range is 1.1555 to 1.1302. Its retracement zone at 1.1428 to 1.1458 is currently being tested. Sellers could come in on a test of this zone in an effort to form a secondary lower top.

The next retracement zone is 1.1462 to 1.1500.

Daily Technical Forecast

Based on the early price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the 50% level at 1.1428.

A sustained move over 1.1428 will indicate the buying is getting stronger. The next target is a Fib level at 1.1458 and a downtrending Gann angle at 1.1465. Look for sellers on the first test of these levels. A breakout over 1.1465 could trigger a surge into another downtrending Gann angle at 1.1492. This is followed by a Fibonacci level at 1.1500.

A sustained move under 1.1428 will signal the return of sellers. This could drive the EUR/USD into the nearest uptrending Gann angle at 1.1382.