EUR/USD Technical Analysis for November 27, 2018Based on the current price at 1.1325 and the earlier price action, the direction of the EUR/USD today is likely to be determined by trader reaction to the uptrending Gann angle at 1.1326.
The Euro is trading lower on Tuesday, but trying to claw back earlier losses. Yesterday at this time, a rally looked promising, but comments from European Central Bank President Mario Draghi sunk those thoughts. Today, the currency seems to be struggling to find direction. Look for increased volatility today with speeches coming from FOMC Members Clarida and Bostic. They moved the U.S. Dollar lower about two weeks ago with their somewhat dovish comments.
At 1245 GMT, the EUR/USD is trading 1.1325, down 0.0003 or -0.03%.
Daily Technical Analysis
The main trend is down according to the daily swing chart. A trade through 1.1474 will change the main trend to up. A move through 1.1216 will signal a resumption of the downtrend.
The short-term range is 1.1216 to 1.1474. Its retracement zone is 1.1345 to 1.1315. The EUR/USD is currently sitting inside this range. Trader reaction to this zone is likely to determine the near-term direction of the Euro.
Daily Technical Forecast
Based on the current price at 1.1325 and the earlier price action, the direction of the EUR/USD today is likely to be determined by trader reaction to the uptrending Gann angle at 1.1326.
A sustained move over 1.1326 will indicate the presence of buyers. Overcoming the 50% level at 1.1345 will indicate the buying is getting stronger. This could lead to a test of the downtrending Gann angle at 1.1374.
A sustained move under 1.1326 will signal the presence of sellers. This could lead to a quick test of the Fibonacci level at 1.1315. Taking out this level with conviction could trigger an acceleration to the downside with the next target angle coming in at 1.1271. This is the last potential support angle before the 1.1216 main bottom.