Advertisement
Advertisement

EUR/USD Mid-Session Technical Analysis for August 21, 2015

By:
James Hyerczyk
Updated: Aug 21, 2015, 11:14 UTC

Daily EUR/USD Technical Analysis The EUR/USD is trading higher at the mid-session. Today is all about the momentum created by yesterday’s strong rally

Daily EUR/USD

Daily EUR/USD Technical Analysis

Daily EUR/USD
Daily EUR/USD

The EUR/USD is trading higher at the mid-session. Today is all about the momentum created by yesterday’s strong rally which reaffirmed the uptrend when 1.1213 was taken out.

The strong momentum has put the Forex pair on the steep side of an uptrending angle at 1.1257. This price is new support. If it fails, sellers could come in hard since the next support angle doesn’t come in until 1.1137.

A sustained move over 1.1257 will signal the presence of buyers. The first target is a longer-term uptrending angle at 1.1327. Overtaking this angle will put the market in an extremely strong position.

Based on the current price at 1.1281, the direction of the EUR/USD into the close is likely to be determined by trader reaction to 1.1257.

2-Hour EUR/USD Technical Analysis

2-Hour EUR/USD
2-Hour EUR/USD

The main trend is up on the 2-Hour chart. The EUR/USD is currently following an uptrending Gann angle, moving up at a rate of .001 per time period.

Support for the current time period is at 1.1247. This is followed by 1.1257 and 1.1267. A failure to hold this angle will be a sign of weakness and signal the presence of sellers.

The new main range is 1.1017 to 1.1294. Its retracement zone is 1.1156 to 1.1123. This zone becomes the primary downside target if the support angle fails and sellers come in strong.

Continuing to hold the support angle will signal the presence of buyers. This could create enough upside momentum to take out the main top at 1.1294 and continue the rally. 

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

Did you find this article useful?

Advertisement