EUR/USD Mid-Session Technical Analysis for August 28, 2015
Daily EUR/USD Technical Analysis
The EUR/USD is trading slightly better at the mid-session. The Forex pair is posting an inside move which suggests trader indecision. It also indicates impending volatility.
The main trend is up according to the daily swing chart. The main range is 1.0847 to 1.1712. Its retracement zone is 1.1280 to 1.1177. The market found support inside this zone and is currently straddling the 50% level at 1.1280.
The best support is a combination of an uptrending angle at 1.1187 and the Fibonacci level at 1.1177. If 1.1177 is taken out then look for an acceleration to the downside with 1.1017 the next potential target.
A sustained move over the 50% level at 1.1280 will signal the presence of buying. This could trigger an acceleration into the steep downtrending angle at 1.1092.
The direction of the market into the close will be determined by trader reaction to 1.1280. Look for a bullish tone over this level and a bearish tone under this level.
2-Hour EUR/USD Technical Analysis
The main trend is up according to the 2-Hour chart. The new main bottoms come in at 1.1231 and 1.1202. An uptrending angle is also providing support this hour at 1.1227.
The main range is 1.1017 to 1.1712. The EUR/USD is currently straddling its Fibonacci level at 1.1283. Trader reaction to this price will determine the direction of the market into the close.
Look for a bullish tone to develop on a sustained move over 1.1283 with 1.1365 the next potential upside target.
A sustained move under 1.1283 will signal the presence of sellers. This could trigger a break into 1.1231 or 1.1202 into the close.