EUR/USD Mid-Session Technical Analysis for August 27, 2015

Daily EUR/USD Technical Analysis

The EUR/USD is trading lower at the mid-session. The market is currently testing a key 50% level. Trader reaction to this level will likely determine the direction of the Forex pair into the close.

The main trend is up on the daily chart. The main range is 1.0847 to 1.1712. Its 50% level at 1.1280 is currently being tested.

Holding 1.1280 will signal the presence of buyers. If they can sustain the move then the daily chart indicates there is plenty of room to the upside with 1.1448 the next resistance angle.

A sustained move under 1.1280 will signal the presence of sellers. In this case, the daily chart is also indicating the market has room to break with the next target the Fibonacci level at 1.1177. This is followed by the uptrending angle at 1.1167.

Watch the price action at 1.1280. This will tell us whether the bulls or the bears are in control the remainder of the session.

2-Hour EUR/USD Technical Analysis

The main trend is down according to the 2-Hour chart. The main trend will turn up on a trade through 1.1364.

The main range is 1.1017 to 1.1712. Its retracement zone is 1.1365 to 1.1283. Currently, the EUR/USD is straddling the lower or Fibonacci level at 1.1283. Trader reaction to this price will determine the direction of the Forex pair into the close.

A sustained move through the Fib level at 1.1283 could trigger a quick break into a main bottom at 1.1240. This is followed by an uptrending angle at 1.1195. The market opens up again under 1.1195 with 1.1106 the next likely target. This is the last major angle before the 1.1017 main bottom.

A sustained move over 1.1283 will signal the presence of buyers. This could create enough upside momentum to challenge the main top at 1.1364 and the 50% level at 1.1365. This is followed closely by an uptrending angle at 1.1372.

Overtaking the angle currently at 1.1372 could trigger a quick rally into a 50% level at 1.1418.

If following the 2-Hour chart, watch the price action at 1.1283. This will tell us whether the bulls or the bears are in control the remainder of the session.