EUR/USD Mid-Session Technical Analysis for November 29, 2019Based on the early price action and the current price at 1.0993, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to a long-term uptrending Gann angle at 1.0987 and a Fibonacci level at 1.0994.
The Euro is drifting lower against the U.S. Dollar on Friday, while hovering around a two-week low. The currency is getting hit by a combination of factors. The U.S. economy is proving to be too resilient versus the Euro Zone, which continues to falter. Volatility is extremely low with the Forex pair posting its narrowest trading range in 20 years on Monday. Finally, traders are beginning to doubt the U.S. and China will be able to reach a preliminary trade deal, called Phase One, before the end of the year. This is encouraging investors to move money into the U.S. Dollar as a hedge.
At 14:20 GMT, the EUR/USD is trading 1.0993, down 0.0018 or -0.17%.
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Daily Technical Analysis
The main trend is down according to the daily swing chart. The downtrend was reaffirmed earlier today when sellers took out the previous main bottom at 1.0989. The main trend will change to up on a trade through 1.1097. This is highly unlikely, however. Short-sellers need only fear a technical closing price reversal bottom at this time.
The minor trend is also down. Earlier today, the EUR/USD traded through the minor bottom at 1.0991. The next minor bottom target is 1.0941.
The main range is 1.0879 to 1.1179. Its retracement zone at 1.0994 to 1.1029 is resistance. Trading below this zone is helping to generate a downside bias.
Daily Technical Forecast
Based on the early price action and the current price at 1.0993, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to a long-term uptrending Gann angle at 1.0987 and a Fibonacci level at 1.0994.
A sustained move under 1.0987 will indicate the presence of sellers. The first target is a downtrending Gann angle at 1.0977. Crossing to the weak side of this Gann angle will put the EUR/USD in an extremely bearish positon with the next target angle coming in at 1.0933.
A sustained move over 1.0994 will signal the presence of buyers. The first upside target is yesterday’s close at 1.1011. This is followed by a 50% level at 1.1029 and a downtrending Gann angle at 1.1037.