EUR/USD Mid-Session Technical Analysis for November 12, 2017

The EUR/USD is trading higher early Tuesday. The Forex pair is trading inside yesterday’s range suggesting investor indecision and impending volatility.

We could see some movement today at 1330 GMT with the release of the U.S. producer inflation report. However, the price action may be muted ahead of Wednesday’s U.S. consumer inflation report and Fed interest rate decision.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 1.1729 will signal a resumption of the selling. A move through 1.1712 will signal a resumption of the downtrend. This could lead to the start of a steep break with 1.1553 the next target.

The trend changes to up on a trade through 1.1940. This could trigger a fast move into the next top at 1.1961. This is the trigger point for a surge into 1.2092.

The main support is a major retracement zone at 1.1702 to 1.1610.

The main range is 1.2092 to 1.1553. Its retracement zone at 1.1823 to 1.1886 is an upside target and possible resistance area.

The short-term range is 1.1940 to 1.1729. Its retracement zone at 1.1834 to 1.1859 is another upside target. This zone falls inside the main retracement zone.

Combining the two retracement zones makes 1.1823 to 1.1834 a key resistance cluster.

Since the trend is down, sellers are likely to show up on a test of the retracement levels.

Daily Technical Forecast

Based on the current price at 1.1774 and the earlier price action, the direction of the EUR/USD today will be determined by trader reaction to a pair of Gann angles at 1.1800 and 1.1803.

A sustained move under 1.1800 will indicate the presence of sellers. The daily chart indicates there is room to drop to 1.1729, followed by 1.1712 and 1.1702. It all depends on the selling volume.

Overtaking the angle at 1.1803 will signal the presence of buyers. This could lead to a labored rally because of the downtrend and the pair of 50% levels at 1.1823 and 1.1834.

The market could jump to 1.1859 and 1.1870 if enough buyers take out 1.1834.

We’re likely to continue to sit in a range today. However, the bias is to the downside.