EUR/USD Mid-Session Technical Analysis for May 13, 2014

Daily EUR/USD Technical Analysis

The EUR/USD continued its aggressive slide on Tuesday. The nearest resistance angle comes in at 1.3753. Based on the current price of 1.3707, this means the market has been falling since the top at 1.3993 at a pace of greater than .008 per day.

The main range is 1.3476 to 1.3993. Today’s sell-off pushed the market into its retracement zone at 1.3734 to 1.3673.

At the mid-session, the EUR/USD is trading on the weakside of the upper or 50% level at 1.3734. This price should be resistance into the close. If the downside momentum continues then look for a test of the Fibonacci level at 1.3673.

Taking out the Fib level should trigger a move into a long-term uptrending angle at 1.3654.