EUR/USD Mid-Session Technical Analysis for November 6, 2019

Based on the early price action, the direction of the EUR/USD on Wednesday will be determined by trader reaction to the 50% level at 1.1085.
James Hyerczyk
EUR/USD

The Euro is drifting slightly higher against the U.S. Dollar on Wednesday as investors awaited fresh developments in the U.S.-China trade talks. Bullish dollar traders seem to be waiting for news that an actual deal is nearing completion and that there is a venue in place for the signing of the pact.

At 13:23 GMT, the EUR/USD is trading 1.1089, up 0.0015 or +0.14%.

Data released earlier in the session showed German industrial orders rose more than expected in September, offering a glimmer of hope for an export-powered economy hit hard by global trade tensions. This news also lent some support to the single-currency.

Daily EUR/USD

Daily Technical Analysis

The main trend is down according to the daily swing chart. The trend turned down when sellers took out the previous main bottom at 1.1073 on Tuesday. The main trend will change to up on a trade through the last swing top at 1.1176.

The minor range is 1.0991 to 1.1179. Its 50% level or pivot at 1.1085 is currently being tested. Trader reaction to this level will determine whether there is a counter-trend short-covering rally, or a continuation of the selling pressure.

The main range is 1.0879 to 1.1179. Its retracement zone at 1.1029 to 1.0994 is the next downside target. Buyers may show up on a test of this area. An uptrending Gann angle at 1.1009 passes through this zone on Wednesday, making it a valid downside target.

Daily Technical Forecast

Based on the early price action, the direction of the EUR/USD on Wednesday will be determined by trader reaction to the 50% level at 1.1085.

Bullish Scenario

A sustained move over 1.1085 will indicate the presence of buyers. This move could trigger a counter-trend rally into the downtrending Gann angle at 1.1119. Since the main trend is down, sellers could re-emerge on the move.

Bearish Scenario

A sustained move under 1.1085 will signal the presence of sellers. The first downside target is the downtrending Gann angle at 1.1059. Crossing to the weak side of this angle will put the EUR/USD in a position to accelerate to the downside with the next major target the 50% level at 1.1029.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US