EUR/USD Mid-Session Technical Analysis for August 24, 2015

Daily EUR/USD Technical Analysis

The EUR/USD is trading higher at the mid-session. Earlier in the session, the Euro rallied to 1.1498, but has since backed down to 1.1443.

The early rally also took out previous tops at 1.1436 and 1.1466. Based on the current price at 1.1443, the former top at 1.1436 is now minor support while the 1.1466 former top is new minor resistance.

A sustained move through 1.1466 could trigger an acceleration to the upside with the next target coming in at 1.1533.

If 1.1436 fails as support then the selling could extend into a pair of steep uptrending angles at 1.1367 and 1.1337.

The daily chart opens up under 1.1337 with plenty of room to the downside with the next likely target coming in at 1.1177.

2-Hour EUR/USD Technical Analysis

The main trend is up on the 2-Hour chart, but momentum has shifted to the downside with the formation of a closing price reversal top.

The new main range is 1.1240 to 1.1498. If the selling pressure continues then look for the weakness to extend into the 50% level at 1.1369. This is followed closely by an uptrending angle at 1.1347 and a Fibonacci level at 1.1339. Since the main trend is up, look for a technical bounce on the first test of 1.1369 to 1.1339.

The EUR/USD could collapse further on a sustained move under 1.1339 with the next potential target the main bottom at 1.1240. A trade through this level will turn the main trend to down on the 2-Hour chart.