EUR/USD Mid-Session Technical Analysis for August 11, 2017

    2 months agoByJames Hyerczyk

    The EUR/USD is trading flat-to-slightly-lower shortly before the U.S. opening and ahead of the U.S. Consumer Inflation report at 1230 GMT. The CPI report and Core CPI report are expected to come in at 0.2%.

    A number below the estimate could reduce the chances of a Fed rate hike later in the year. This would pressure U.S. Treasury yields and the U.S. Dollar. This would be potentially bullish for the Euro.

    Stronger consumer inflation data is likely to put pressure on the EUR/USD.

    Daily EURUSD

    Technical Analysis

    The main trend is up according to the daily swing chart. A trade through 1.1910 will signal a resumption of the uptrend. A trade through 1.1689 will negate a closing price reversal bottom and turn momentum to the downside.

    The short-term range is 1.1910 to 1.1689. Its retracement zone at 1.1800 to 1.1826 is the primary upside target. This zone is important because aggressive counter-trend traders are going to try to form a potentially bearish secondary lower top on a test of this zone.

    Bullish investors are going to try to take out this zone in an effort to take out 1.1910 and make 1.1689 a new main bottom.

    The main range is 1.1312 to 1.1910. If the selling continues then look for a break into its retracement zone at 1.1611 to 1.1540. An uptrending angle passes through this zone at 1.1582, making it a valid downside target.

    Daily EURUSD Close-up


    The early price action indicates that the key angle to watch is 1.1770.

    A sustained move over this angle will signal the presence of buyers. This could trigger a labored rally however because of a number of potential resistance levels at 1.1800, 1.1826, 1.1840 and 1.1875.

    Crossing to the strong side of a pair of uptrending Gann angles at 1.1852 and 1.1878 will also tell us that the buying is getting stronger.

    A sustained move under 1.1770 will indicate the presence of sellers. The first target is 1.1689. This is the trigger point for an acceleration into 1.1611 then 1.1582.


    SymbolLast PriceChangeChart

    Live Quotes

    Top Promotions
    Top Brokers

    FX Empire - the company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as link result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate.
    FX Empire may receive compensation from the companies featured on the network.

    All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. FX Empire bears no responsibility for any trading losses you might incur as link result of using any data within the FX Empire.