EUR/USD Mid-Session Technical Analysis for December 14, 2016

The EUR/USD is trading slightly higher at the mid-session. Volume and volatility are expected to pick up at 1900 GMT after the Fed releases is monetary policy statement.

Technical Analysis

The main trend is up according to the daily swing chart. A trade through 1.0525 will turn the main trend to down. This is followed by the next main bottom at 1.0503 and the March 13, 2015 main bottom at 1.0462.

The short-term range is 1.0503 to 1.0872. Its 50% level or pivot at 1.0688 is controlling the direction of the market. The main range is 1.1299 to 1.0503. If there is a breakout to the upside then its main target will become 1.0901 to 1.0995.

Forecast

Based on the current price at 1.0639, the direction of the EUR/USD today is likely to be determined by trader reaction to the uptrending angle at 1.0643.

A sustained move over 1.0643 will indicate the presence of buyers with the next target the short-term 50% level at 1.0688. This is followed by a downtrending angle at 1.0712. This is the trigger point for an acceleration into a pair of downtrending angles at 1.0792 and 1.0799.

A sustained move under 1.0643 will signal the presence of sellers with the next target an uptrending angle at 1.0573. This is followed by another uptrending angle at 1.0538.

Watch the price action and read the order flow at 1.0643 today. This could tell us if the buying is getting stronger or if the sellers are taking control.

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